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Swedfund backs companies in Nigeria, Madagascar and Kenya

Africa Global Funds
May 28, 2020, 2:26 a.m.
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Swedfund has supported different actors in the healthcare sector in Nigeria, Madagascar and India with a total of SEK2,2mn.

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Swedfund has supported different actors in the healthcare sector in Nigeria, Madagascar and India with a total of SEK2,2mn.

The support includes personal protective equipment, medicines, and transports. 

Johanna Raynal, Director of ESG & Impact of Swedfund, said: “To prevent the spread of coronavirus and to support the emergency preparedness in our investments we monitor continuously how Swedfund can assist our investment during the pandemic.” 

“The focus is increased health and safety for healthcare workers, to keep potentially infected patients separate from other patients and to prevent the spread of the Corona virus.”

The pressure on healthcare facilities is greatly increasing in developing countries as the Covid-19 virus spreads. 

Opham is leading pharmaceutical products wholesaler in Madagascar and provides specialty and generic products to pharmacies and hospitals in the country.

Express Pharma is a chain of pharmacies delivering safe medicines across Lagos in Nigeria together with Dr Express diagnostic services.

In addition, Swedfund has invested €5m to Platcorp, a financial institution providing credit to private individuals and small and medium-sized companies, in Kenya, Uganda and Tanzania.

This is the second loan from Swedfund to Platcorp, with the first loan issued in 2018.

Maria Håkansson, CEO Swedfund, said: “It is urgent for us as a Development Finance Institution to strengthen the financial resilience of companies and protect jobs in developing countries. The Platcorp Group has a broad and efficient platform for providing access to financing for small and medium-sized companies in East Africa, which makes it possible for us to reach and support several companies which is in line with our mission.”

Platcorp was founded in 2003 in Kenya and expanded to Uganda in 2004 and Tanzania 2008.

Platcorp has a loan portfolio across the three countries of $160m.

In 2019 Platcorp disbursed approximately 826,000 loans to its clients.

With support from Swedfund’s facility for Technical Assistance, Platcorp has further developed its sustainability capabilities, among other things, by introducing a group-wide Environmental and Social Management System.

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