Netherlands-based ASN Bank has invested $16.2m debt in the REGMIFA Fund to foster development in Sub-Saharan Africa through employment creation, income generation and poverty alleviation. ASN Bank is the first private investor joining REGMIFA.

Remko de Bie, Senior Account Manager Sustainable Financing at ASN Bank, said: “For 60 years, our mission as a bank has been to foster environmental and social sustainability. We use the money that our customers entrust to us to promote sustainable development.”

“Through a professional fund manager like Symbiotics we are able to have a global impact. The REGMIFA fund is a perfect match with our goal to increase the financial inclusion of micro, small and medium enterprises. In this particular case located in Sub Sahara Africa, the most vulnerable region of the world,” he said.

The investment, which brings the fund’s total assets to $144.4m, will finance loans to businesses and households via selected financial institutions in Sub-Saharan Africa.

The REGMIFA Fund is a public-private partnership managed by Symbiotics SA.

REGMIFA provides debt financing to microfinance institutions, local commercial banks and other financial institutions providing funding to micro, small and medium sized enterprises.

REGMIFA currently operates in 19 countries in Sub-Saharan Africa, of which 13 belong to the least developed countries.

Karl-Heinz Fleischhacker, REGMIFA Chairman, said: “While the demand for finance from micro entrepreneurs and small and medium businesses is immense in Sub-Saharan Africa, very few private investors invest in this sector. ASN’s investment is a strong commitment to hard-working African entrepreneurs in need of financial resources.”