Swedfund invests $32m to drive digitalisation and innovation in Africa, South and Southeast Asia
Swedfund, Sweden's development finance institution, has invested $32 million in Apis Growth Markets Fund III, a fund serving low- and middle-income consumers across Africa, South and Southeast Asia. The investment contributes to enhanced digitalisation and innovation as well as improved access, quality, and affordability of financial services and to the creation of decent jobs.
Sofia Gedeon, Investment Director Sustainable Enterprises, Swedfund International: "Through this investment we further contribute to the growth of companies with innovative and digitally enabled business models and to generation of jobs, tax revenues, and good business practices. This is our third investment in an Apis fund since 2015, a fund manager with a strong financial record.''
The fund will invest in Egypt, India, Indonesia, Kenya, Nigeria and South Africa. Through Apis’ fund structure, the investment contributes to further capital mobilization to the targeted growth markets, acting as a bridge for additional global capital that otherwise rarely would access them. This makes the impact of the investment larger. Apis has an established ESG- (Environment, Social, Governance) and Impact Agenda, which puts the investment well in line with Swedfund’s strategy.
By setting clear requirements and working together with the fund, the investment will contribute to developed sustainability aspects, such as increased women economic empowerment and decent jobs.
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