Category: Press release

RMB and INDLU launch R1bn blended finance programme to transform South African real estate

Posted on by Allan Musumba

Rand Merchant Bank (RMB) and INDLU have announced the launch of a R1 billion Blended Finance Programme, to formalise and scale South Africa’s burgeoning affordable rental market. INDLU is a South African property financial technology company that empowers landowners to build, manage, and earn from high-quality rental housing. The programme aims to bridge the national housing gap—currently estimated at 2.3 million units—by providing sustainable, affordable credit to micro-developers who have historically been excluded from traditional banking sectors due to a perceived lack of formal collateral.

Alessandro Scalco of RMB sustainable finance said:

“The Indlu Blended Finance Programme represents a blueprint for how South African capital markets can drive large-scale, powerful social impact without compromising financial performance. This programme attracts capital to critical development areas like financial inclusion and affordable housing, empowering entrepreneurs to develop their own communities.”

RMB acted as the structurer and one of the lenders for the programme, utilising blended finance to support affordable housing. A key component of this structure was the catalytic funding provided by the FirstRand Foundation (FRF) and FSD Africa Investments (FSDAi), with FRF providing a R30 million concessional loan commitment to establish the construction warehouse facility and FSDAi acting as the anchor funder of this facility. FSDAi has also committed funding as co-funder of the catalytic mezzanine tranche in the securitisation. In addition, to FRF commitment, FNB have committed a sizeable R400m for the long-term financing of the programme.

Anne-Marie Chidzero, Chief Investment Officer of FSDAi said:

“Low-income affordable rental housing is one of Africa’s most overlooked, and most bankable, real-economy markets. With INDLU, we are using catalytic capital to do what FSDAi was built to do: anchor a new asset class, prove it to institutional investors, and create a replicable pathway that can finance dignified housing well beyond South Africa’s borders.”

This programme expands access to affordable housing finance for small-scale, primarily black and women property owners. By addressing early-stage construction and tenanting risk, FSDAi and FRF’s catalytic funding unlocks private capital and ensures cost benefits are passed directly to developers and communities.

Cobus Truter, CEO of INDLU said:

“Our bold ambition is to fundamentally change the landscape of informal settlements. By turning each tile in the urban mosaic into formalised, dignified infrastructure, we are building better African cities from the ground up. “The R1 billion deployment is expected to have a profound multiplier effect on the economy through significant job creation and social upliftment.”

To date, the model has already delivered over 2 200 high-quality rental units in areas such as Tembisa, Mamelodi, and Cosmo City, proving the commercial viability of the “backyard” real estate sector. While INDLU has successfully facilitated approximately R311 million in financing to date, the new platform is designed to meet a massive surge in demand.

INDLU has identified an immediate project pipeline exceeding R915 million over the next 12 to 24 months, with a specific goal to raise R500 million for property entrepreneurs within the first year. The model has already supported over 1 000 short-term construction jobs and nearly 400 permanent roles through local SMEs. Furthermore, it serves as a powerful tool for gender equity, with 64% of INDLU’s current landowners being female. “By ensuring every unit is integrated into formal municipal infrastructure—including water, electricity, and sanitation—the programme significantly improves urban living standards and safety,” Truter added.

INDLU provides landowners with microfinance loans for construction, managed through a “closed-loop” digital ecosystem where the Indlu software application automates rental collection and loan servicing. This ensures transparency for investors and steady income for property owners.

ZEP-RE and FSD Africa partner to help African insurtechs move from innovation to scale

Posted on by Kihingu Inc

ZEP-RE (PTA Reinsurance Company) and FSD Africa have signed a partnership to support the 2026 BimaLab Africa Insurtech Accelerator, one of the first workstreams under a wider collaboration to advance inclusive and sustainable insurance solutions across Africa. The partnership was formalised at ZEP-RE Place, the company’s headquarters in Upper Hill, Nairobi, ahead of the opening of the call for applications for the 2026 cohort across the 28 countries where Bimalab has a footprint.

The wider collaboration will also cover investment mobilisation, microinsurance, knowledge sharing, ESG, climate resilience, sustainable insurance, and selected renewable energy risk opportunities. BimaLab Africa 2026 turns that collaboration into immediate action by supporting African insurtech ventures ready to build, test and scale inclusive insurance solutions.

The programme will support up to 10 insurtech and tech-enabled ventures with tested products or early market traction across five priority areas: climate and agriculture, health, SMEs, gender and digital platforms.  The six-month accelerator will help selected ventures refine their insurance propositions, strengthen their business models, navigate regulatory pathways and prepare for investment and market partnerships.

Speaking during the signing, Linet Odera, Group Chief Inclusive Solutions,  at ZEP-RE, said:

“This partnership is about helping insurance innovation move from pilot to scaling up. By bringing reinsurance expertise, risk knowledge and market experience into the process, ZEP-RE can help scale solutions that expand protection, strengthen resilience and respond to the needs of African markets.”

Elias Omondi, Principal for Sustainable Insurance, FSD Africa said:

“The insurance protection gap is one of Africa’s most underestimated development challenges, only less than 1% of the continent’s disaster losses are insured. The BimaLab Insurtech Accelerator has shown that African innovators can close this gap by developing fitting solutions for farmers, women, SMEs and low-income households. Our partnership with ZEP-RE gives Insurtech innovators what they have lacked: reinsurance capacity, regional market access, and a credible pathway to scale. This is how we move from promising pilots to protection for millions.”

Commissioner of Insurance and IRA CEO Godfrey Kiptum said:

“Innovation can expand access to insurance, but it must be responsible from the start. Platforms such as BimaLab help innovators engage regulators early, test practical insurance solutions and reach underserved markets while protecting consumers.”

Since its launch in 2020, BimaLab Africa has supported more than 135 startups across 28 African countries. The programme has helped catalyse over 150 insurance solutions that reach more than six million customers, supported regulatory sandbox development in eight markets, and helped mobilise more than USD 30 million in early-stage capital into Africa’s insurtech ecosystem.

The 2026 cohort is built around commercial readiness, underwriting discipline and scalable insurance propositions. Through the partnership, ZEP-RE will contribute reinsurance expertise, technical mentorship, market networks and support from the ZEP-RE Academy, while FSD Africa will lead programme design, startup recruitment, regulatory engagement and investor matchmaking.

The accelerator will also help prepare promising ventures for future investment opportunities, including potential consideration by the Inclusive Insurtech Investment Fund, 3iF, co-anchored by FSD Africa Investments and ZEP-RE. The call for applications opens this week for African insurtech and tech-enabled ventures ready to build, test and scale inclusive insurance solutions.

About ZEP-RE (PTA Reinsurance Company)

ZEP-RE is a leading pan-African reinsurer and specialised institution of COMESA established in 1990 with a mandate to develop the (re)insurance industry, build capacity, mobilize investments and deepen financial inclusion. It has operations in over 45 African countries with headquarters in Nairobi, Kenya and eight country/regional offices spread across Sub-Saharan Africa in Côte d’Ivoire, D.R. Congo, Ethiopia, Sudan, Uganda, Zambia, and Zimbabwe. ZEP-RE’s subsidiary ACRE Africa focuses on resilience and credit access for small-holder farmers through technology and insurance with 6 offices across Africa. It is the second best rated African reinsurer on the continent by A.M. Best with a credit rating of B++ (Financial Strength)/bbb+ (Issuer Credit). For more information, please visit our website www.zep-re.com.

 

About FSD Africa

FSD Africa is a specialist development agency making finance work for Africa’s future. We work with governments, regulators, and financial institutions across 30 countries to strengthen markets, shape policy, and mobilise capital into opportunities supporting growth, climate resilience, the clean energy transition, and nature-positive development. Supported by the UK Government alongside philanthropic and development partners, we also deploy catalytic capital through our investment arm, FSD Africa Investments. For more information, please visit: https://www.fsdafrica.org ”

About BimaLab Africa

BimaLab Africa is an insurtech accelerator innovating insurance to build resilience for Africa’s underserved. An initiative of FSD Africa, BimaLab backs high impact insurtech innovators closing a protection gap that leaves more than 97% of the continent uninsured providing mentorship, regulatory access, funding, and strategic partnerships, alongside one of Africa’s strongest insurance networks. Over the past 6 years, BimaLab has supported 135 startups across 28 African countries to develop more than 300 insurance solutions, now reaching over 6 million underserved customers. Together, BimaLab is building an African insurance sector that rewards innovation and channels protection to where it is needed most. Learn more at bimalab.org.

Catalyst Fund Deepens Bet on Africa’s Climate Resilience Founders

Posted on by Allan Musumba

IFC, FASA, Shell Foundation, Trafigura Foundation, SpeedInvest, Blink Impact, We-Fi, and private investors join the fund which reaches $30m to back founders building climate tech solutions in Africa.

Across Africa, climate shocks are already reshaping food systems, supply chains, energy access, and infrastructure, and a new generation of founders is building the practical, scalable solutions communities need to adapt. Catalyst Fund, the pan-African venture fund and venture builder backing founders from pre-seed to Series A, has announced the completion of its second close, with total commitments now reaching $30 million, bringing the fund closer to its target fund size and adding fresh momentum to its mission of strengthening climate resilience across the continent. Led by partners Maelis Carraro, Maxime Bayen, Olúwatóyìn Emmanuel-Olubake, and Amolo Ng’weno, the fund plans to invest in 40 ventures across Africa.

The second close brings together IFC, FASA, Shell Foundation, Trafigura Foundation, Speedinvest, Blink Impact, and a group of high-net-worth individuals, joining early backers FSD Africa, Cisco Foundation, and others who validated the thesis at the first close. It also brings in Women Entrepreneurs Finance Initiative (We-Fi) to help the fund increase its pipeline of women-led companies. Catalyst Fund expects to reach final close later this year.

“Climate adaptation is one of the defining investment themes of the next decade, especially in Africa, where the need is immediate, and the entrepreneurial talent is extraordinary. This second close allows us to double down on our mission: backing ambitious founders building practical, scalable solutions for a climate-changed world, and supporting them not just with capital, but with the hands-on venture-building support they need to grow.” — Maelis Carraro, Founder & General Partner, Catalyst Fund

The portfolio of 28 fast-growing companies already shows the breadth of that thesis in action. Keep It Cool, a 2024 Earthshot Prize winner, is building solar-powered cold-chain infrastructure for fisherfolk and poultry farmers in Kenya. MazaoHub, a Tanzanian agritech startup, combines AI-powered soil intelligence with on-the-ground agronomy support and digital market access to help smallholder farmers improve yields and livelihoods. Bekia runs a tech-enabled circular economy platform in Egypt connecting waste producers – households and businesses – with collectors, logistics partners, and trusted recyclers to turn recycling into a profitable, closed-loop. These are the kinds of practical, scalable businesses Catalyst Fund believes will deAfrica’sica’s climate resilience economy.

“Across Africa, entrepreneurs supported through Catalyst Fund are strengthening livelihoods, expanding access to essential services, and creating quality jobs in underserved communities. Through IFC’s partnership with Catalyst Fund, we are mobilizing capital and expertise to help these early‑stage ventures scale sustainably, attract private investors, and deliver lasting impact for people and markets.”

— Farid Fezoua, Global Director for Disruptive Technologies, Services, and Funds, International Finance Corporation (IFC)

“FASA’s mission is to reduce the funding gap faced by agri-SMEs in Africa by mobilizing catalytic capital, empowering investment managers, and fostering a supportive ecosystem. We chose Catalyst Fund because their investment strategy and their embedded venture-building model perfectly address the critical gaps faced by early-stage climate entrepreneurs. Beyond our $5 million junior equity investment to derisk the fund and unlock additional funding from co-investors, we are committed to providing targeted technical assistance to strengthen the fund’s capacities and support its most promising agri-startups”

— Mamadou Ndao, Investment Director, FASA

The company-building model is central to Catalyst Fund’s approach. Rather than acting as a passive investor, the firm works alongside founders as a true co-builder from the earliest stages of the journey. By pairing equity investment with embedded venture-building support from BFA Global, Catalyst Fund helps companies navigate the priorities that matter most – from refining strategy and product to hiring, commercial traction, partnerships, follow-on fundraising, and operational scale. The model is designed to keep incentives aligned from day one and give founders the kind of practical support that is often missing in early-stage investing.

“Climate shocks are already a reality for millions of people across Africa and founders building adaptation solutions urgently need access to the right kind of early support. Catalyst Fund backs entrepreneurs early and works alongside them to turn proven ideas into scalable businesses. We’re pleased to support this second close and help channel more capital to founders addressing critical climate resilience needs.” — Jonathan Berman, CEO, Shell Foundation

The second close also widens the fund’s circle of backers, bringing in a broad mix of development finance, corporate, family offices, and foundations – including some investors making their first commitment to Africa.

“We are proud to make our first impact investing commitment through Catalyst Climate Resilience Fund I, backing bold African founders building the adaptation solutions that vulnerable communities need most. By investing in the junior tranche, we aim to be catalytic, helping unlock additional capital into a space that is critical, yet chronically underfunded.” — Dario Soto-Abril, Trafigura Foundation

The firm is betting that climate resilience in Africa is not just an impact story, but one of the most important venture opportunities emerging on the continent. As climate shocks intensify, demand is rising for affordable, scalable solutions that help communities and economies adapt. Catalyst Fund believes the next generation of category-defining African startups will be built in that gap – and that backing them early can deliver outsized impact and strong returns for investors.

“Backing a first-time strategy early is where catalytic capital does its most important work. We committed to Catalyst Fund before first close, helping build the track record that has shown climate adaptation in Africa is investable from pre-seed to Series A, where the need is greatest, and capital is scarcest. The fund’s second close is a strong validation of that early conviction, and we’re pleased to see it attracting the broader investor base needed to scale climate adaptation investing across Africa.”

— Juliet Munro, Director, Early-Stage Finance, for FSD Africa and FSD Africa Investments (FSDAi)

FSD Africa and Jubilee Group partner in an effort to double Jubilee’s customer base and expand insurance access across the region

Posted on by Allan Musumba

Specialist development finance agency FSD Africa and East Africa’s largest and composite insurer Jubilee Group have entered a Memorandum of Understanding (MoU), marking FSD Africa’s first partnership with an insurer, aimed at advancing financial inclusion by expanding access to insurance and investment solutions, with a particular focus on undeserved segments including Small and Medium Enterprises (SMEs).

This partnership will initially be implemented in Kenya as a strategic launch market before being scaled across Jubilee’s wider regional footprint. It forms part of the company’s broader growth agenda to double its customer base by deepening penetration across its integrated financial services offering and strengthening its role in delivering accessible and inclusive solutions across East Africa.

Under the MoU, Jubilee will work with BimaLab, FSD Africa’s flagship insurtech accelerator, to co-create and pilot inclusive, tech-driven solutions to reach millions of underserved and low-income Kenyans, opening a new customer segment for the Jubilee Group.

The partnership will operate through the BimaLab’s Insurtech-Insurer Partnership Framework, which pairs high-impact BimaLab alumni insurtechs with an established insurer to build, test, and launch joint tech enabled products in real markets.

The initiative will be rolled out through J-Hub, the Group’s innovation and technology arm, which accelerates development, testing and deployment of digital and AI-powered solutions across the business. By leveraging J-Hub’s innovation capabilities alongside FSD Africa’s expertise in inclusive finance, the partnership will fast-track the design and scaling of customer-centric solutions that address the evolving needs of underserved communities.

Speaking during the MOU signing, Jubilee Group Deputy CEO, Juan Cazcarra emphasised the need to expand insurance penetration and coverage across the region to ensure that the large segments of the population currently excluded for a variety of barriers are brought into insurance protection.

“Driving access is a key priority for our business. Too many people in East Africa remain outside the protection of insurance and financial security due to barriers we must continue to address. This partnership allows us to begin closing that gap by reaching segments that have previously been excluded. We will continue to pursue and scale innovative solutions that make it possible for more people across the region to participate in lasting financial security, better health outcomes and long-term well-being.” said Juan.

FSD Africa’s Chief Adaptation & Resilience and Strategy Integration Officer, Kelvin Massingham, said the partnership strongly aligns with BimaLab’s vision.

“A large majority of Africans face rising climate, health and economic risks with no insurance to fall back on. This is why closing Africa’s protection gap is one of the most urgent resilience challenges of our time. We built BimaLab to back the innovators solving it and when their solutions reach scale through partners like Jubilee, that is resilience made real for millions,” Massingham said.

Through a competitive process, Bimalab Insurtechs will work with Jubilee Group to co-design solutions for three priority areas: embedded and bundled distribution, SME ecosystems, and health, wellness & engagement. The shortlisted BimaLab insurtechs are expected to be named in August this year.

Kenya has achieved world-leading financial inclusion, with 85% of adults using a formal financial service, yet insurance remains the sector’s deepest gap. Insurance penetration in 2025 was only 2.4% of GDP against a global average of 7%. Health shocks, in the form of out-of-pocket medical costs, are estimated to push 1.5 million Kenyans below the poverty line each year.  The country’s SMEs, estimated at 7.5 million and employing 15 million people, are highly vulnerable to economic shocks, as witnessed during the COVID pandemic, where roughly a third shut down.

FSD Africa, FSD Africa Investments and GIZ join forces to help more investment reach Africa’s real economy

Posted on by Riitho

Hamburg, 1 July 2026 – FSD Africa, FSD Africa Investments (FSDAi) and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH have signed a Memorandum of Understanding that formalises a collaboration to help channel more investment into Africa’s real economy.

The partnership brings together complementary expertise in market development, investment and technical assistance to identify investment opportunities, develop financial solutions, connect African and European investors with opportunities across the continent, and strengthen financial markets that support investment in climate, nature, carbon markets and financial inclusion.

Together, the organisations will work to:

  • Develop investment opportunities by sharing pipelines, exploring co-investment opportunities and working together on priority transactions.
  • Mobilise capital by engaging institutional investors, development partners and funders from Africa and Europe to support investment in climate, nature, carbon markets and financial inclusion.
  • Design investment solutions by combining GIZ’s structuring expertise with FSD Africa’s market development experience and FSDAi’s investment capabilities.
  • Share knowledge and strengthen markets through joint research, thought leadership, market convenings and the dissemination of practical lessons.

 

The Memorandum of Understanding will initially run for three years, with regular reviews to assess progress and identify new areas for collaboration.

Mark Napier, Chief Executive Officer of FSD Africa, said:

” No single organisation has all the pieces needed to turn opportunities into investment at scale. GIZ brings technical expertise and strong European partnerships. We bring deep knowledge of African financial markets, experience designing investment solutions, and the ability to invest where markets are still developing. Together, we can help connect more investors with opportunities that might otherwise struggle to attract capital.”

 

Anna Sophie Herken, Managing Director of GIZ, said:

“Across Africa, there is a wealth of innovation, promising businesses, and attractive investment opportunities. What is often missing are the right financial structures connecting investors with these opportunities at scale. This Memorandum of Understanding creates a framework for deeper collaboration between FSD Africa, FSD Africa Investments, and GIZ allowing us to combine our respective strengths – from investment expertise and catalytic capital to technical assistance in market development and investor engagement. Together, we aim to mobilise more private capital from both domestic and international investors into Africa’s real economy and ensure that finance works more effectively for sustainable development, climate resilience, job creation and economic growth.”

 

For more information/queries on FSD Africa, FSDAi and GIZ, please contact:

FSD Africa

Mireille Ferrari, Director, Strategic communications

mireille@fsdafrica.org

 

GIZ

Anna-Sophia Elm, ICAMA Initiative, GIZ

anna-sophia.elm@giz.de

 

About Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ)

The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH is an enterprise owned by the Government of the Federal Republic of Germany that provides services worldwide in the field of international cooperation for sustainable development. GIZ has over 50 years of experience in a wide variety of areas, including economic development and employment, energy and the environment, and financial sector development. The German Federal Ministry for Economic Cooperation and Development (BMZ) is the main commissioning party. To foster successful interaction between development policy and foreign trade as well as mobilise private capital for sustainable development, GIZ also closely cooperates with the private sector. On behalf of the commissioning parties and together with its partners, GIZ works in over 120 countries to deliver flexible and effective solutions that offer people better prospects and sustainably improve their living conditions. For more information, visit: https://www.giz.de/en.

FSD Africa Investments backs iungo Capital to unlock East Africa’s missing middle

Posted on by Riitho

Nairobi, 30 June 2026 — FSD Africa Investments (FSDAi) today announced a US$1.25 million commitment in iungo Capital, a lender that provides growth financing to small businesses across East Africa. The investment will strengthen iungo’s capital base, enabling them to borrow more and accelerate lending to businesses that struggle to access finance. 

Small and growing businesses (SGBs) are the engines of East Africa’s economies. They drive employment, anchor local value chains in food, manufacturing and trade, and form the backbone of communities across Uganda, Kenya, Rwanda and Tanzania. Despite their outsized economic role, these businesses are systematically shut out of affordable finance: they are too large for microfinance yet still perceived to be too early and risky for traditional banks. 

iungo capital was built specifically to fill this gap. Operating across Uganda, Kenya, Rwanda, and Tanzania, iungo provides USD-denominated loans of USD 250,000 on average in a first round, pairing capital with targeted technical assistance to strengthen business performance and support long-term growth. Since its inception, iungo has deployed over US$25 million across +60 businesses, building a resilient and diversified portfolio with strong credit performance while supporting job creation and inclusive economic growth across the region. 

FSDAi’s investment is made through its Nyala Facility, which provides flexible capital to support innovative financing models and Alternative Local Capital Providers (ALCPs), using its catalytic position to crowd in follow-on investment from institutional investors. This catalytic approach, combining patient, long-term capital with active partnership and enhanced governance support, reflects FSDAi’s broader commitment to building stronger, more inclusive financial markets across Africa.  

The investment is expected to support the creation or preservation of 800 jobs across East Africa, finance at least 30 businesses over the investment period, many which are founded, owned, or led by women. 

 

Announcing the investment, FSDAi’s Chief Investment Officer, Anne-Marie Chidzero, said: 

“iungo is an important emerging capital allocator, demonstrating how locally rooted fund managers can address the persistent financing gap faced by small and growing businesses across East Africa. By combining deep market knowledge with flexible financing, iungo is building a credible and scalable form of finance for SGBs. FSDAi’s catalytic investment will help de-risk the opportunity, crowd in institutional capital and enable iungo to scale its proven model across the region.”

Roeland Donckers, iungo Capital’s Managing Partner, underscored the significance of the investment, stating:

“Over the past 10 years, iungo capital has consistently targeted the biggest segment of SMEs with unmet finance needs, a traditional segment where local banks and many impact investment funds have gradually moved away from. FSDAi’s investment will help us catalyse the growth of a proven model, not just by its capital and the structure of the same, but also by providing technical assistance and indicating investor confidence to the wider market.”

 

For more information/queries on FSD Africa Investments and iungo Capital, please contact:  

FSD Africa Investments  

Joyce Waihiga, Manager, Communications, FSDAi 

joyce@fsdafrica.org

 

iungo Capital 

Roeland Donckers, Managing Partner 

roeland@iungocapital.com 

 

About FSD Africa Investments (FSDAi) 

FSD Africa Investments (FSDAi) is a specialist financial sector investor established by FSD Africa and the UK’s FCDO to strengthen and deepen Africa’s financial markets. We bridge critical funding gaps by investing patient, risk-bearing capital in novel financial instruments, facilities, and intermediaries. Our strategic investments take on early risk, test new models and catalyse capital from others to gradually transition the financial sector to finance Africa’s economic resilience and growth. To date, FSDAi has committed £127 million from its £309m capital commitment to 21 investments, and has successfully exited three investments, one at 2x money. For more information, visit: www.fsdafrica.org/fsdai 

 

About iungo Capital 

iungo Capital B.V. is a Netherlands registered investment holding company that provides mezzanine debt financing to traditional SMEs across East Africa. In Uganda, Kenya, Rwanda, and Tanzania, iungo offers USD-denominated loans of up to US$500,000 in a first round, to businesses in labour-intensive sectors, including agri-processing and light manufacturing. Since inception, iungo has deployed over US$25 million across +60 businesses, pairing capital with targeted technical assistance to build resilient, high-impact portfolios that drive job creation and inclusive economic growth. Over 80% of iungo’s portfolio has been consistently 2X aligned.  For more information, visit: www.iungocapital.com 

FSD Africa to advise on the US$300 million Kenya Blue-Green Bond programme announced at the 11th Our Ocean Conference

Posted on by Riitho

Mombasa, Kenya, June 2026 – Jumuiya ya Kaunti za Pwani (JKP), the regional economic bloc representing Kenya’s six coastal counties, in partnership with the Nairobi Securities Exchange (NSE), FSD Africa, the United Nations Development Programme (UNDP), the Kenya Maritime Authority (KMA), and the Kenya Ports Authority (KPA), today announced the US$300 Million Kenya Go Blue-Green Bond Programme, a landmark sustainable finance initiative designed to mobilise long-term capital for Kenya’s blue economy and climate resilience priorities.

The Kenya Go Blue-Green Bond Programme seeks to unlock at least US$300 million for strategic investments in fisheries, aquaculture, maritime infrastructure, ports, coastal tourism, biodiversity conservation, blue carbon, climate resilience, sustainable coastal livelihoods, and value-added blue economy enterprises.

The Programme is expected to catalyse investment, create quality jobs, strengthen coastal value chains, expand opportunities for women and youth, support ecosystem restoration, and enhance the resilience of coastal communities while contributing to sustainable economic growth.

A key pillar of the Programme is the scaling of blue carbon initiatives, including mangrove restoration and conservation, to support biodiversity protection, carbon sequestration, ecosystem recovery, and community-based climate finance while advancing Kenya’s climate and sustainable development objectives.

The announcement was made on the margins of the 11th Our Ocean Conference in Mombasa, where public institutions, development partners, investors, and private sector stakeholders signed a Joint Declaration establishing the Kenya Go Blue-Green Bond Joint Technical Committee. The Committee will lead programme preparation, project pipeline validation, investor engagement, resource mobilisation, governance design, feasibility assessments, and the development of an issuance roadmap.

The Programme is aligned with Kenya Vision 2030, the Fourth Medium-Term Plan (MTP IV), and the Bottom-Up Economic Transformation Agenda (BETA), which recognise the blue economy as a strategic frontier for economic growth, job creation, climate resilience, and sustainable development.

The initiative reflects the priorities articulated by H.E. President William Samoei Ruto during the 11th Our Ocean Conference, where he called for accelerated implementation of ocean commitments, increased investment in ocean-based adaptation, stronger regional collaboration, and practical solutions capable of translating commitments into tangible outcomes for communities, livelihoods, and ecosystems.

Building on this vision, Cabinet Secretary for Mining, Blue Economy and Maritime Affairs, H.E. Hassan Ali Joho, underscored the importance of mobilising innovative financing solutions to unlock the full potential of Kenya’s blue economy. He specifically called for the creation of an enabling investment environment to support blue bonds and other resource mobilisation strategies for ocean investment while accelerating investment in sustainable fisheries, coastal development, marine conservation, and ocean-based climate resilience initiatives.

Speaking on behalf of the coastal counties, H.E. Maj. (Rtd.) Dr. Dhadho Godhana, Governor of Tana River County and Chairman of Jumuiya ya Kaunti za Pwani, welcomed the initiative as a transformative platform for regional development.

“The Kenya Go Blue-Green Bond Programme provides a pathway to unlock long-term investment into coastal infrastructure, fisheries, aquaculture, tourism, environmental conservation, and climate resilience. It is about creating jobs, expanding economic opportunities, empowering women and youth, strengthening community livelihoods, and securing a sustainable future for Kenya’s coastal communities.”

 

Dr. Emmanuel Nzai, Chairman of the Kenya Vision 2030 Delivery Board and Chief Executive Officer of Jumuiya ya Kaunti za Pwani, described the Programme as a flagship financing platform for Kenya’s coastal transformation.

“This milestone marks the transition from strategy to execution. Through the Kenya Go Blue-Green Bond Programme, we are bringing together government, development partners, investors, and the private sector to establish a scalable financing platform capable of accelerating sustainable growth, strengthening climate resilience, restoring critical ecosystems, and improving livelihoods across Kenya’s coastal region.”

 

The Kenya Go Blue-Green Bond Programme has been accelerated through the Nairobi Securities Exchange’s Sustainable Finance Centre of Excellence, which has supported ecosystem convening, capacity building, investor readiness, sustainable finance structuring, project preparation, and strategic stakeholder engagement. As a member of the African Natural Capital Alliance, NSE is committed to advancing the protection of natural capital by providing a trusted platform for capital mobilization and fostering an enabling environment that promotes sound governance, transparency, and integrity in sustainable financing.

As the capital markets partner to the Programme, the Nairobi Securities Exchange will work with stakeholders across the capital markets ecosystem to develop robust capital pathways, strengthen issuer readiness, facilitate investor engagement, mobilise long-term domestic and international capital, and support future issuances under the Programme.

Cecilia Bjerborn Murai, Principal Specialist, Sustainable Finance at FSD Africa, welcomed the initiative as an important milestone for sustainable finance in Africa.

“The Kenya Go Blue-Green Bond Programme demonstrates how innovative capital market solutions can mobilise long-term investment for economic growth, climate resilience, and environmental stewardship. It represents an important step towards establishing a scalable African model for blue-green economy financing.”

 

FSD Africa and UNDP will provide sustainable finance expertise, technical assistance, capacity building, and resource mobilisation support throughout programme implementation.

The partners have committed to immediately commence programme implementation activities, including establishing governance structures, validating project pipelines, engaging regulators and strategic partners, mobilising technical assistance, and undertaking the feasibility and structuring work necessary to support future issuances under the Kenya Go Blue-Green Bond Programme.

The Programme will adopt an impact measurement framework aligned with international sustainable finance standards, tracking economic, social, climate, biodiversity, blue carbon, gender, and youth outcomes to ensure measurable benefits for communities, investors, and ecosystems.

Through the Kenya Go Blue-Green Bond Programme, Kenya is laying the foundation for a scalable African model for mobilising private capital into the blue economy, demonstrating how innovative finance can accelerate sustainable development, strengthen climate resilience, protect marine ecosystems, and create lasting prosperity for future generations.

 

About the Kenya go Blue-Green Bond programme

The Kenya Go Blue-Green Bond Programme is a collaborative initiative involving Jumuiya ya Kaunti za Pwani (JKP), the Nairobi Securities Exchange (NSE), the Kenya Vision 2030 Delivery Board, the Kenya Ports Authority (KPA), the Kenya Maritime Authority (KMA), FSD Africa, the United Nations Development Programme (UNDP), coastal county governments, development partners, investors, and other strategic stakeholders.

The Programme seeks to develop innovative financing mechanisms, including blue bonds, green bonds, and other sustainable finance instruments, capable of mobilising long-term capital for sustainable coastal and marine development while positioning Kenya as a leading hub for blue economy finance and advancing inclusive, climate-resilient growth.

Launch of green project preparation facility to unlock investment in climate infrastructure in Ghana

Posted on by Allan Musumba

FSD Africa, the British High Commission, and the Ghana Infrastructure Investment Fund (GIIF) have launched a Green Project Preparation Facility (PPF) – a platform designed to bridge Ghana’s infrastructure financing gap by preparing climate-aligned projects for investment.

The Facility was formally launched yesterday evening in Accra. The PPF, initially capitalised with a commitment of GBP5mn from UK Government, was first announced during President H.E. John Dramani Mahama’s visit to the United Kingdom as part of the UK–Ghana Growth Partnership. The facility will be hosted and managed by FSD Africa, in partnership with GIIF. It is anticipated that the PPF will grow in size, with support from other development partners in due course.

The PPF seeks to build a robust investible pipeline of green infrastructure projects, reduce development risk and time to financial close, and mobilise private capital while strengthening national delivery systems.

Mr. Nana Dwemoh Benneh, Chief Executive Officer of the GIIF, highlighted the significance of the new Facility for Ghana’s broader climate investment agenda.

“We are delighted to be part of this important initiative with FSD Africa and sincerely grateful to the FCDO for its support in making this facility possible. The PPF is both timely and strategic. It presents a significant opportunity for GIIF and FSD Africa to collaborate in developing a robust pipeline of bankable, climate-resilient, and investment-ready infrastructure projects. By strengthening project preparation capabilities across both the public and private sectors, the facility has the potential to unlock much-needed climate and infrastructure finance, crowd in private capital, and accelerate Ghana’s transition towards a more resilient, low-carbon, and sustainable economy”.

The British Deputy High Commissioner to Ghana Ms. Terri Sarch reaffirmed the UK’s long-standing commitment to supporting Ghana’s economic development, emphasising that climate-resilient infrastructure is central to shared prosperity.:

“The UK–Ghana partnership is about turning shared ambitions into real results. Through the Green Project Preparation Facility, we are delighted to be partnering with FSD Africa and the Ghana Infrastructure Investment Fund (GIIF) to turn strong Ghanaian ideas into investable projects. Further, the PPF will help unlock much needed finance toward climate-resilient infrastructure, improving Ghana’s ability to tackle increasing challenges posed by climate change.” said Ms Sarch

Ghana, in common with many of its West African neighbours and global peers, faces intensifying climate impacts. Shifting rainfall patterns, rising sea levels and increased flood frequency place growing pressures on urban infrastructure, energy systems and rural livelihoods. Around a third of Ghana’s electricity generation relies on hydropower, directly exposed to drought and erratic rainfall, while over 40 per cent of the workforce depends on climate-sensitive agriculture. Ghana’s exposure to these shocks makes investment in climate-resilient infrastructure an immediate development priority.

FSD Africa is a specialist development agency working to make finance work for Africa’s future. Headquartered in Nairobi, they operate across more than thirty African countries through a range of funds, institutions, and projects. The PPF will be hosted and managed by FSD Africa, in partnership with the Ghana Infrastructure Investment Fund (GIIF). FSD Africa brings several years of direct in-country engagement, including advisory support to the Ministry of Finance on debt management and domestic capital market development, co-development of the Ghana Green Finance Taxonomy, capacity-building for the National Insurance Commission on ESG frameworks, and ongoing partnership with the GIIF to establish a dedicated Climate Sub-Fund.

Mark Napier, CEO of FSD Africa, welcomed the launch as a pivotal step for Ghana’s climate finance ecosystem:

“We are privileged to extend our collaboration with Ghana by hosting the Green Project Preparation Facility. We hope that the PPF will prove instrumental in crowding domestic private capital into a series of important projects that will add value to the economy and boost Ghana’s climate resilience. We look forward to the partnership with GIIF on this highly impactful initiative”.

The PPF is open to both public and private sector project developers working on climate-aligned infrastructure in Ghana. Projects will be assessed on the basis of their climate impact, financial viability and potential to attract investment, and are expected to cover a range of priority sectors, including renewable energy, waste and water management, urban infrastructure, transport, housing and social infrastructure.

An initial pilot cohort of projects is already in active preparation. The full PPF pipeline will be developed through a structured, transparent appraisal process in partnership with the GIIF and other Ghanaian stakeholders. Further details on eligibility criteria, the application process and contacts can be found at http://fsdafrica.org/

FSD Africa supports Fund Managers’ Association (FMA) of Kenya’s transition to Self-Regulatory Organisation (SRO) status

Posted on by Riitho

FSD Africa and the Fund Managers’ Association of Kenya (FMA) are pleased to announce a strategic partnership under which FSD Africa will provide financial and technical support to FMA as it embarks on a transformative journey towards becoming a Self-Regulatory Organisation (SRO).

As an SRO, the FMA will transition into a non-government organisation able to establish, monitor, and enforce industry standards and regulations. By tapping into best practices in the global fund management industry, FMA will support the regulator in ensuring that its members conduct themselves ethically and legally, helping protect investors and maintain market integrity. Ultimately, this will boost investor confidence in Kenya’s fund management industry, attracting even bigger investment through pooled funds. The initiative marks a significant milestone in the evolution of FMA, which has represented Kenya’s licensed fund management industry for the past 18 years. As Kenya’s capital markets continue to deepen and mature, FMA believes that pursuing SRO status is the next progressive step to strengthen industry standards, enhance investor confidence, promote professional excellence, and support the long-term development of the asset management sector.

FSD Africa’s support reflects a shared commitment to building stronger financial markets and mobilising long-term domestic capital to support economic growth and sustainable development.

Dr Evans Osano, Chief Financial Markets Officer at FSD Africa, said:

“A strong and well-governed asset management industry is critical to the growth and resilience of Africa’s financial markets. FMA has played an important role in advancing professionalism, stewardship and market development in Kenya’s investment management sector. We are pleased to support the Association as it explores the path towards SRO status, which has the potential to strengthen market integrity, improve industry standards and contribute to a more robust investment ecosystem.”

Nicholas Ithondeka, Chair of the FMA Council, said:

“This support comes at a defining moment for the Association. Over the past 18 years, FMA has evolved into a respected voice for the fund management industry. Pursuing SRO status represents a natural progression in our institutional development and demonstrates our commitment to raising standards, strengthening accountability and supporting the continued growth of Kenya’s capital markets.”

Fred Mburu, Chief Executive Officer of FMA, said:

“We are extremely pleased by FSD Africa’s affirmation of the important work and ambitions of the Association. This partnership is not only an investment in FMA as an institution, but also in the future of Kenya’s investment management industry. The journey towards SRO status reflects our members’ collective vision for a stronger, more professional and globally competitive asset management sector that serves investors and contributes meaningfully to national development.”

The project will involve stakeholder engagement, international benchmarking, technical assessments and the development of an implementation roadmap to evaluate and support the transition towards an effective self-regulatory framework.

Africa’s Green Transition To Create Up to 84m Jobs by 2050

Posted on by Allan Musumba

Africa’s green transition could generate up to 84.5 million jobs by 2050 but without concerted policy action the benefits risk entrenching inequality rather than reducing it.

This is the key finding of a new report, Unlocking Africa’s Green Transition: Opportunities Towards a Green and Inclusive Workforce, launched by financial sector development agency FSD Africa in partnership with Shell Foundation, a philanthropic foundation working to raise incomes while lowering emissions, and Shortlist, a talent advisory firm working across Africa. Shell Foundation’s participation is funded by the UK Government via the Transforming Energy Access (TEA) platform.

A once-in-a-generation opportunity

The report shows that Africa’s green economy is already taking shape, with 3.8 to 7.9 million jobs projected by 2030, rising to between 65.9 and 84.5 million by 2050. Unlike other regions, Africa’s transition will be driven not by large infrastructure projects, but by decentralised, service-led industries, including clean cooking, off-grid solar, waste recycling, and electric mobility. These sectors are expected to create most jobs through installation, distribution, and last-mile services, providing critical entry points for youth, women, and low-income workers.

A critical workforce gap threatens progress

Despite the scale of the opportunity, the report highlights a major constraint: Africa lacks the workforce capacity needed to deliver the transition at scale.

  • Africa’s renewable energy workforce accounts for just 2% of the global total, despite the continent holding 60% of the world’s best solar resources
  • Only 5% of African youth have completed formal vocational training
  • Less than 1% of climate finance is directed toward skills development, creating a major bottleneck

Without urgent investment in training and workforce systems, projects will stall, rely on imported expertise, and fail to deliver local economic benefits, warns the report.

“Unlike other regions, the employment dividend of Africa’s green transition will be realised through service value chains, not construction sites, and we have to invest accordingly,” said Kevin Munjal, Director, Development Impact, at FSD Africa. “Finance directed towards sectors such as clean cooking, distributed solar, waste recycling and e-mobility will generate substantially more employment than utility-scale infrastructure. But we also need the right policy frameworks to make that happen.”

Most green jobs will be informal raising risks of inequality

The report also challenges assumptions about the nature of green employment:

  • 86% of green jobs in 2030 are expected to be informal
  • The fastest-growing sectors: clean cooking, waste recycling, and solar home systems — are those with the lowest barriers to entry but weakest job protections
  • Women and young people are expected to benefit significantly from job creation but largely in informal, lower-value roles

Without targeted interventions, most workers will remain outside formal labour protections. Women in particular are concentrated in commission-based, lower-value roles without progression pathways or social protection.

“Africa’s green transition represents one of the most significant economic opportunities of our generation. However this vision can only be realised if the green economy is designed to work for the lower-income and informal workers who power our society – and in particular for the women,” said Richard Gomes, Chief Programme Officer at Shell Foundation. “The prize here is not ‘more green jobs’. The prize is future-proofed jobs anchored in sectors that will continue to grow as the world navigates compounding climate, energy and economic disruption.”

Policy and financing decisions will determine the outcome

The report makes clear that the difference between high and low job scenarios is not inevitable, it is the result of policy choices. If governments and investors act decisively, Africa could create nearly 8 million green jobs by 2030. Without action, the figure could be less than half that level and by 2050 the result would be 18.5m fewer jobs.

Key priorities include:

  • Redirecting finance toward high-employment sectors such as clean cooking, distributed solar, waste and e-mobility
  • Investing in green skills systems, including modular training and recognition of informal skills
  • Embedding workforce and gender inclusion targets into climate finance
  • Extending social protection to informal workers, including through mobile platforms
  • Developing innovative financing mechanisms to unlock capital for skills development

“The right human capital is an important input for successful climate-positive growth, so we have to be sure Africa’s workforce is ready for what’s needed. But high-quality jobs are also an exciting benefit of the green transformation. Now we have an even better idea where these millions of jobs and livelihood opportunities will come from and what we can do to make sure the market is ready,” said Paul Breloff, Co-Founder & CEO of Shortlist Africa.

No one size fits all

The report takes an in-depth look at three countries: Kenya, Nigeria and South Africa, concluding that there is no one green transition and a single continental strategy would fail. Key findings include:

  • Nigeria’s projected 2030 green workforce is around 87% informal and driven by nano-enterprises
  • South Africa’s is around 70% formal and shaped by regulated procurement frameworks
  • Kenya’s occupies a distinctive middle ground anchored by mobile money infrastructure and devolved governance.

Overall, East and Southern Africa are projected to capture 58% of 2050 high-scenario green employment despite housing only 40% of Sub-Saharan Africa’s population, reflecting deeper enabling conditions already in place.

From research to action: launching the Green Jobs Innovation Hub

To help address these barriers, FSD Africa is launching the Green Jobs Innovation Hub, aimed at mobilising finance and partnerships to scale workforce solutions across the continent. The initiative will focus on unlocking new financing models to ensure that workforce development keeps pace with investment in green infrastructure.

A call to governments, investors and industry

The report calls on stakeholders across the ecosystem to act urgently:

  • Governments to integrate jobs and skills into climate and industrial strategies
  • Development finance institutions to embed workforce investment in funding decisions
  • Private sector actors to invest in training and improve job quality
  • Training providers to modernise curricula for emerging green roles

Only a coordinated response, the report warns, will ensure the green transition delivers both climate outcomes and broad-based economic opportunity.