The funding supports innovations in neonatal intensive care and strengthens Jacaranda’s ability to provide life-saving services to underserved populations.

Maternal and newborn health outcomes in Kenya remain a challenge, with maternal mortality still high despite improvements in skilled birth attendance. Public health facilities play a central role but face capacity constraints, while access to reliable, quality care varies across regions and income groups. Private healthcare providers offering essential maternity services at accessible price points can complement public provision.

Jacaranda Health Limited (“Jacaranda Maternity”) provides high-quality maternal health care at more affordable pricing than typical private providers, focusing on women in Nairobi’s low- and middle-income communities.

The new funding will support the opening of new hospitals, upgrading of neonatal care, and improvements to existing facilities.

“This investment will help Jacaranda Maternity provide life-saving care to more women and families while furthering Swedfund’s mission to promote inclusive and sustainable healthcare,” says Audrey Obara, Senior Investment Manager at Swedfund.

Jacaranda Maternity aims to expand its network to six hospitals to achieve financial sustainability while scaling its impact.

The healthcare provider is a recognised leader in promoting women’s health, with 71 percent of its staff being women, and a track record of effective environmental and social management.

The Swedfund fund backs African companies that reduce emissions, strengthen resilience and create green jobs.

Africa contributes less than three percent of global carbon emissions but faces some of the most severe climate impacts.

At the same time, the continent’s energy demand is expected to triple by 2050. Swedfund’s investment in Helios CLEAR will help channel capital to businesses that drive low-carbon growth in areas such as renewable energy, sustainable transport, climate-smart farming, efficient use of resources and digital climate solutions.

“By investing in this sector, we can reduce emissions, build resilience and create green jobs, all vital for sustainable growth that benefits more people. Africa currently receives only a small share of global climate investment, yet the potential for climate-smart business is enormous. Through Helios CLEAR we help build the next generation of African climate-focused businesses,” says Gunilla Nilsson, investment director for Energy & Climate at Swedfund.

Swedfund’s investment is expected to contribute to significant cuts in greenhouse gas emissions and to help businesses and small farmers adapt to a changing climate.

The investment strengthens Swedfund’s work to drive a sustainable and inclusive green transition in Africa.

The investment is aimed at improving access to credit for low-income public sector workers who are usually excluded from formal banking systems.

The three southern African countries continue to face serious economic challenges, including limited job opportunities, inadequate healthcare and education systems, and growing pressure from climate-related shocks. With international aid becoming less predictable, many households have struggled to sustain livelihoods or fund small-scale ventures.

Swedfund’s new funding seeks to close this gap by enabling more civil servants to access personal and business loans that support daily living and small enterprise growth. According to the organisation, these loans are not just about access to money but about fostering resilience and stimulating community-level economic development.

“With this loan we increase the possibilities for low-income individuals to secure financing that supports their livelihoods and productive activities, such as starting a small side business, expanding farming, covering education costs or building a house. This contributes to human development for many families and, in turn, fosters potential for local economic growth and more jobs,” said Jane Niedra, investment director of Financial Inclusion at Swedfund.

Select Africa’s customer base largely consists of civil servants, including teachers, nurses, and local administrators, who often find it difficult to obtain loans from traditional banks due to perceived high risk or lack of collateral. The company provides payroll-based lending, allowing borrowers to repay directly from their salaries, reducing default risk and enabling them to build a formal credit history over time.

Founded in 1999 with its first branch in Eswatini, Select Africa has since expanded its footprint across Lesotho, Malawi, Uganda, and Kenya. The Group now operates 19 branches and manages a gross loan book of about $108 million.

Through this partnership, Swedfund and Select Africa aim to unlock opportunities for thousands of underserved public workers, strengthening household incomes, encouraging entrepreneurship, and supporting the broader financial inclusion agenda in sub-Saharan Africa.

The investment aims to address persistent barriers to finance in these countries, where small businesses often lack access to formal credit.

The loan is expected to help businesses grow and create decent jobs, with a particular focus on women-owned enterprises and climate-resilient agriculture.

“Limited access to finance is a key constraint for small businesses in many developing countries,” says Jakob Larsson, senior investment manager at Swedfund. “This investment supports the expansion of financial services in underserved communities and contributes to Swedfund’s broader objectives of inclusive and sustainable economic development in low-income countries.”

Swedfund has previously provided loans to Platcorp in 2018, 2020, and 2022. In connection with its investments, Swedfund has seen improvements in the company’s environmental and social risk management, including measures related to customer protection and gender equality.

“This renewed partnership with Swedfund marks a significant step forward in our journey toward financial inclusion and sustainable impact,” says Ignatius Obara, executive director of Corporate Affairs, Platcorp Group. “With this support, we will be able to channel more capital to women entrepreneurs, expand access to climate-smart agricultural finance, and continue strengthening our environmental and social practices. Swedfund’s commitment reinforces our shared values of gender empowerment, responsible finance, and job creation across underserved communities.”

Swedfund’s loan is supported up to 50% through a guarantee by the European Union under EFSD+ as a contribution to the Global Gateway investment priority of Financial Inclusion.

The investment is done alongside the European Bank for Development and Reconstruction, EBRD and British International Investment, BII, securing a major contribution to safeguarding jobs and building resilience in the Ukrainian food- and agri-sectors during the ongoing war.

MHP employs more than 30,000 people in Ukraine, more than 40 percent of them being women. Because of the war, access to international capital markets is limited in Ukraine, even for financially sound companies.

By supporting MHP, an important part of Ukraine’s food industry, and its continued operations, Swedfund, EBRD and BII contribute to Ukraine’s economic resilience and safeguarding much needed local employment- as well as export opportunities.

“The consequences of the war in Ukraine are multi-facetted and by this investment we can maintain employment opportunities, not least for women and veterans, create new jobs, generate tax incomes and export revenues, support local value creation and more sustainable business practices.

This is important to support Ukraine’s economic resilience, says Maria Håkansson, CEO of Swedfund.

The investment is part of a EUR 100 million financing package arranged by EBRD, that has a longstanding relation with MHP. The package includes EUR 40 million from the EBRD, EUR 20 million from Swedfund and EUR 30 million from BII. Swedfund’s share of the loan will be used for production efficiency investments such as equipment for sunflower processing and upgrades of agricultural machinery.

In its capital injection to Swedfund for 2025 the Swedish Government earmarked SEK 500 million for investments in Ukraine. Food systems is one of Swedfund’s prioritised sectors to invest in.

“The investment in MHP is a strategic fit that ticks several boxes for Swedfund. Most importantly it can make an important difference during difficult times. We look forward to under the leadership of EBRD advance the company’s sustainability agenda. We will continue looking for both investment opportunities and public sector projects to support the economic development and reconstruction of Ukraine, says Olena Smyrnova, director and head of Ukraine, Swedfund.

At a time when Africa faces increasing climate risks, it is also emerging as a rising hub for climate and clean-tech innovation. 

Through this indirect investment, Swedfund aims to catalyse funding for early-stage local businesses developing solutions in renewable energy, e-mobility, smart logistics, circular economy and regenerative agriculture.

“As the impacts of climate change intensify, it is critical to support businesses building resilient, low-carbon economies. Our investment seeks to unlock financing for innovative companies across Africa that improve lives and livelihoods while reducing emissions,” says Sofia Gedeon, investment director at Swedfund.

By investing in NVIII, a fund structure with broad reach and local presence in countries like Kenya and Nigeria, Swedfund enables capital to reach a larger number of high-impact companies across the continent. This approach supports market development, job creation and access to essential services in underserved communities.

Swedfund’s investment is made alongside other development finance institutions such as Norfund and British International Investment (BII).

The investment was signed in September, 2024

The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private Infrastructure Development Group (PIDG) company managed by Ninety One, has successfully raised $325 million in new debt facilities, bringing recent commitments to $620 million and exceeding the Fund’s $500 million target ahead of schedule.

The debt raise cements EAAIF’s position as the go-to partner for investors to access scalable, and untapped opportunities in the emerging market infrastructure debt asset class, through an A2 rated (Moody’s) lending platform.

Allianz Global Investors (AGI) led the financing on behalf of Allianz Group, one of the world’s leading insurers and asset managers, committing €100 million to EAAIF.

One of South Africa’s largest financial services organisations, ABSA, provided $75 million.

Standard Bank, Africa’s largest lender by assets, contributed an additional $50 million to facilities already provided.

Japanese multinational bank Sumitomo Mitsui Banking Corporation (SMBC) extended a $50 million credit facility, while Swedfund, Sweden’s development finance institution, allocated €40 million. The new debt package builds on EAAIF’s $294 million capital raise secured in 2024.

This demonstrates the Fund’s ability to mobilise a global community of public and private investors united by a shared purpose of channeling capital, innovation, and expertise to expand infrastructure debt markets in Africa and Asia.

The new debt finance package will support EAAIF’s ambition to generate sustainable development impact and deliver positive returns.

The financing will enable $1 billion of investment by the Fund in next-generation infrastructure across Africa and Asia by 2028. EAAIF’s investment strategy targets assets that advance digital economies, scale transition infrastructure, and reshape power markets.

The successful debt raise comes at a critical time. The Asia-Pacific region alone faces a shortfall of at least $800 billion in climate financing, while just c.23% of Africa’s climate finance needs are currently met.

Action on climate is at the heart of PIDG’s strategy, which aims to improve economic resilience and climate opportunities for 100 million people by 2030.

As one of Africa’s longest-serving infrastructure debt providers, EAAIF draws on the Group’s whole life-cycle approach – spanning project development, financing, and long-term sustainability – to transform economies and improve lives, while delivering meaningful action on climate adaptation, resilience, and mitigation.

Since its inception in 2001, EAAIF has committed over $3 billion to more than 125 infrastructure projects across 25+ countries and 10 sectors in Africa and Asia.

In 2024, Moody’s reaffirmed the Fund’s foreign currency long-term issuer rating of A2 with a stable outlook and minimal default rate, reinforcing its position as a leading instrument for investors seeking investment protection, returns, and exposure to Africa and Asia’s growing infrastructure asset class.

Martijn Proos, co-head of EM alternative Credit at Ninety One and Managing Director for EAAIF, said:

“These successful subsequent debt raises highlight global investors’ confidence in EAAIF’s ability to create attractive investment solutions that seize untapped opportunities in fast-growth markets. By strengthening our capital base and diversifying our funding sources, we are favourably positioned to drive business growth and economic transformation through private infrastructure debt investment in pioneering infrastructure. We thank Allianz, ABSA, Standard Bank, SMBC, and SwedFund for their continued support.”

Philippe Valahu, CEO of PIDG, said:

“As a PIDG company, EAAIF is driven by a vision of delivering essential infrastructure that unlocks economic opportunities in the markets where we invest. This milestone is a significant step forward for PIDG, which aims to deliver $9 billion in new commitments for infrastructure and mobilise $25 billion in additional finance by 2030. We look forward to continuing this journey alongside our partners as we develop innovative mobilisation strategies across the project lifecycle to deliver progress in the regions where we operate.”

Maria Håkansson, CEO of Swedfund, Sweden’s development finance institution, said:

“The EAAIF has a critical role to play in financing high-impact infrastructure projects across Africa, while challenging risk perceptions around African infrastructure investment and mobilising private capital. This is essential to closing the financing gap and building capital markets to achieve better environmental and social impact.”

Neha Bantha, executive vice president for Leveraged Finance at Standard Bank Corporate & Investment Banking said:

“We are proud to be part of this consortium which will enable funding for strategic infrastructure projects that underline our broader purpose, to drive Africa’s growth. This transaction forms a cog in our broader wheel of innovative financing and objective to deliver structured capital solutions that help our partners and clients deliver for the continent and we look forward to future partnership opportunities that leverage Africa’s immense potential”.

Nisrin Abouelezz, managing director and Head of Africa Group of SMBC said:

“SMBC is pleased to partner with EAAIF in this year’s debt raise which aligns well with SMBC’s own strategy for sustainability and social value creation. SMBC continues to support our clients as they further global energy transition, while supporting social infrastructure and value creation on the African and Asian continent”.

Shyam Ganda, director – Global Finance, ABSA, said:

“As a Pan-African bank, Absa is proud to partner with EAAIF in supporting projects which will accelerate infrastructure development for lasting impact –  bridging Africa and Asia’s long-term financing gap, whilst supporting economic growth and renewable energy expansion”.

Today, only a fifth of the African population has access to formal banking services. Limited access to finance restricts entrepreneurship, job creation, and the ability to absorb economic shocks. 

Swedfund’s investment addresses this gap by supporting financial institutions that are expanding outreach and developing inclusive financial products, especially through new technology and digital solutions.

“Our investment in FIVE further strengthens our engagement to improve access to banking and other financial services in underserved communities. This in turn spurs job creation and growth. We are also able to strengthen financial institutions and the development of innovative financial services,” says Jakob Larsson, senior investment manager at Swedfund.

Through FIVE, Swedfund will strengthen the capital base of select financial institutions across Africa, enabling them to grow and reach more clients. The investment also supports FIVE’s commitment to gender equality and women’s empowerment, creating positive change within its portfolio companies and communities. 

By investing in a mix of traditional and digital-first financial service providers, including banks, insurers, and fintechs, Swedfund aims to catalyse more inclusive financial ecosystems, driving job creation and economic growth across the continent.

FIVE stands for Financial Inclusion Vehicle and was established in 2017 by AfricInvest. Other investors include the Norwegian, Danish, Dutch, German and Belgian Development Finance Institutions as well as African multilateral development institutions and pension funds.

SMEs are a cornerstone of economic development, driving job creation and innovation. However, many companies face significant barriers to accessing capital. This indirect investment can enable more growth-oriented investments to unlock the full potential of SMEs in Africa.

This investment will enable Swedfund to expand its support for underserved businesses across Africa. AfricInvest aligns its investments with measurable sustainability outcomes, allowing us to drive economic growth, create jobs and promote greater inclusion. 

At the same time we set new benchmarks for responsible investing, says Sofia Gedeon, Investment Director for Sustainable Enterprises at Swedfund and continues;

With decades of experience and a strong presence across the continent, the fund aims to invest in a range of sectors including agribusiness, healthcare, education, consumer goods, manufacturing and services, and is therefore well positioned to contribute to economic growth and social development.

AfricInvest integrates environmental, social and governance (ESG) principles with a focus on gender equality and sustainability. 

The fund aims to invest at least 30% of its portfolio in companies that are women-led or have significant female ownership. Moreover, climate-related objectives will be embedded in the investment process. 

Swedfund’s support will help ensure that African SMEs have the resources and guidance they need to grow responsibly and effectively.

The loan will further strengthen the bank’s ability to finance small and medium-sized enterprises (SMEs), which play a vital role in Kenya’s economy by creating jobs and driving growth.

Small and medium-sized enterprises are the backbone of economies, employment and innovation. With this second loan, the organization seeks to deepen its impact and enhance its capacity to support even more businesses. 

“This investment is in line with Swedfund’s mission to reduce poverty through sustainable investments,” says Jane Niedra, investment director for Financial Inclusion at Swedfund.

Access to long-term finance remains one of the biggest challenges for SMEs in developing countries. Swedfund’s investment aims to provide SMEs in sectors such as manufacturing, trade and agriculture with greater access to capital, enabling them to develop and expand their business.

“We are proud to partner with Swedfund, a respected institution supported by the Swedish government. Through this collaboration, we can grow while continuing to provide financial services with integrity.

“Beyond financing, Swedfund brings valuable technical expertise, enabling us to better support our SME clients and contribute to sustainable economic development. We highly value this partnership and our shared focus on growth and long-term sustainability,” says Dr. Yogesh Pattni, CEO of Victoria Commercial Bank PLC.

VCB PLC is an SME-focused bank in Kenya, operating with a robust governance structure and financial stability. The bank’s strategy focuses on personalised customer relationships and digital development, increasing access to financial services for underserved businesses

Swedfund invested in VCB PLC in 2018 with a loan of $5 million, becoming the first development finance institution to invest in the bank.

With Swedfund’s support, the bank has developed an environmental and social management system (ESMS) to systematically manage sustainability risks, including a sustainability policy, ESG risk assessment and staff training. The management system complies with the IFC Performance Standards and the ILO Core Conventions.

As part of its commitment to gender inclusion, VCB PLC has implemented Women4Growth—a Swedfund-supported women’s empowerment program—providing leadership and inclusion training. 

The bank qualifies for the 2X Challenge with over 50% female employees and more than 30% female senior managers.