Latest news with #FMO
Business Insider
2 days ago
- Business
- Business Insider
FCMB and FMO unveil ₦20 million agriTech investment readiness programme for Nigerian startups
FCMB and FMO unveil ₦20 million agriTech investment readiness programme for Nigerian startups In a bid to foster innovation and sustainability in agriculture, First City Monument Bank (FCMB) and the Dutch Entrepreneurial Development Bank (FMO) have announced the launch of the FCMB–FMO AgriTech Investment Readiness Programme 2025. This initiative aspires to identify, support, and finance Nigeria's most promising agritech startups and Small- to Medium-sized Enterprises (SMEs). In collaboration with Heave Ventures, the programme is designed to enhance access to capital while fostering the scalability of innovative agritech businesses. It will feature a competitive grant prize pool of ₦20 million, awarded to ventures recognised as best positioned for investment. The programme will also include digital learning and fundability scoring through Zimara. This proprietary platform leverages alternative data and established readiness benchmarks to identify bankable ventures. Applications for the programme are now open at and will remain accessible from August 8 to September 12, 2025. Following this period, the top twenty startups will participate in an intensive 6-week investment readiness programme, culminating in a pitch presentation to a panel of esteemed funders in October 2025. Mr. Kudzai Gumunyu, Divisional Head of Agribusiness & Non-Oil Exports at First City Monument Bank, said: 'This programme is more than providing traditional funding; it is a commitment to nurturing and empowering agritech startups to contribute to the agribusiness landscape and unlock its full potential. It reflects our mission to drive inclusive and sustainable growth through an African-rooted ecosystem that connects people, capital and markets. This initiative will help nurture and prepare these startups for investment opportunities, enhancing their potential to contribute to the agritech landscape in Nigeria''. The CEO of Heave Ventures, Abiodun Lawal, expressed his thoughts on the programme's impact, stating: "Scaling agribusiness innovation has the potential to revitalise entire value chains — from production to processing to export — creating millions of decent jobs, boosting foreign exchange earnings, and positioning Africa not merely as a consumer but as a vital global food and agricultural technology supplier. Agriculture is a powerful lever in the fight against poverty and unemployment and in achieving food sovereignty. Investing in agribusiness is an investment in the continent's economic independence, resilience against global challenges, and the dignity of its people. We are delighted by the commitment shown by FCMB and FMO in supporting agritech startups and assisting them in their developmental journey."
Business Insider
5 days ago
- Business
- Business Insider
€17.2m solar project aims to lift Burkina Faso from among Africa's least electrified
Burkina Faso has secured €17.2 million in financing to advance a major solar project aimed at improving electricity access in one of Africa's least electrified nations. Burkina Faso has received €17.2 million financing for a significant solar energy project in Dédougou. Funding sources include FMO's Building Prospects Fund and the African Development Bank's SEFA. This solar development is expected to boost domestic power generation and enhance grid stability. The funding will go toward building and operating an 18 MWp solar power plant in Dédougou, marking a key step in the government's drive to expand renewable energy in Africa and cut dependence on costly, carbon-intensive power sources. The project is backed by €11.2 million in debt from the Dutch development bank FMO through its Building Prospects Fund and a €6 million concessional package from the African Development Bank's Sustainable Energy Fund for Africa (SEFA), comprising a €2.5 million senior concessional loan and a €3.5 million reimbursable grant. According to a 2023 World Bank report, Burkina Faso ranked as the seventh African nation with the lowest electricity access rate, with only 21.7% of its population connected to power. Countries with even lower access include South Sudan (5.4%), Burundi (11.6%), Chad (12.0%), Malawi (15.6%), the Central African Republic (17.6%), and Niger (20.1%). Operational status The new solar facility is poised to play a pivotal role in transforming Burkina Faso's energy landscape, delivering a meaningful increase in domestic power generation while reinforcing the stability of the national grid. By providing a cleaner and more affordable alternative, it will ease the country's heavy reliance on thermal plants and electricity imports. As recently as a few years ago, imports which came primarily from Côte d'Ivoire and Ghana, accounted for close to 40% of Burkina Faso's total supply. This dependence has long undermined the nation's development prospects, constraining industrial capacity and leaving its growing population vulnerable to external supply disruptions. The facility will operate under a 25-year power purchase agreement with the state utility SONABEL and forms part of the Desert-to-Power initiative, which aims to deliver 10 GW of solar capacity across the Sahel by 2030. FMO emphasises that its participation is critical, as local commercial banks in Burkina Faso are unable to offer long-term financing on suitable terms. Classified as an environmental and social Category B+ project, the investment triggers most IFC Performance Standards except PS7, and includes measures to manage economic displacement, maintain community relations, address security risks, and protect biodiversity, particularly important given the region's fragile security environment.
Zawya
28-07-2025
- Business
- Zawya
Desert-to-Power: The Sustainable Energy Fund for Africa (SEFA) commits €6 million to Dédougou Solar Project in Burkina Faso
The Sustainable Energy Fund for Africa (SEFA), managed by the African Development Bank ( has committed a €6 million concessional finance package for the development of the 18 MW Dédougou Solar Power Plant in Burkina Faso, marking a significant milestone towards increasing the country's energy generation capacity. SEFA's commitment comprises a €2.5 million senior concessional loan and a €3.5 million reimbursable grant, complemented by a combination of subordinated and senior loans from the Dutch Entrepreneurial Development Bank (FMO). This commitment was formalized during a signing ceremony in Paris on July 18th, bringing together stakeholders from the African Development Bank, FMO, project developer Qair, and advisors A&O Shearman and Trinity. The Dédougou Solar Power project aligns with the African Development Bank-led Desert-to-Power initiative, which aims to turn the Sahel region into the world's largest solar power zone. It is listed as a priority project in Burkina Faso's national Desert-to-Power roadmap. It is among the first independent power producers (IPPs) in the country and operates under a 25-year Power Purchase Agreement with the national utility, Société Nationale d'Électricité du Burkina Faso (SONABEL). "The Dédougou Solar PV project marks a significant milestone for Burkina Faso and the broader Sahel region,' said Dr. Daniel Schroth, the Bank's Director for Renewable Energy and Energy Efficiency. As a key contribution to the Desert-to-Power initiative, it demonstrates the transformative nature of harnessing solar energy to drive inclusive and sustainable development. The catalytic support from SEFA was instrumental in unlocking this private sector-led project.' Once operational, the plant will help diversify Burkina Faso's energy mix, reduce electricity costs, and boost access to reliable, affordable electricity, supporting economic growth and local livelihoods. The project prioritizes sustainability through a comprehensive Environmental and Social Management System, ensuring responsible operations and mitigating potential environmental and social risks. "This new financing from FMO and SEFA marks a significant milestone in Qair's journey in Burkina Faso,' said Abdoulaye Toure, CFO of Qair Africa. 'We are deeply grateful to both institutions for their continued trust and support, which enable us to deliver impactful renewable energy infrastructure in the region. After commissioning our first 24 MW solar plant in Zano in 2023, this second project in Dédougou reflects our expanding footprint and aligns with Qair's long-term strategy to accelerate the energy transition across Africa." With committed support from SEFA and FMO, the Dédougou Solar Power Plant demonstrates the potential for private-sector-led future renewable energy projects in the Sahel region, accelerating the transition towards sustainable power, fostering economic growth, and enhancing the quality of life for communities across Burkina Faso. Distributed by APO Group on behalf of African Development Bank Group (AfDB). Media contact: Communication and External Relations Department African Development Bank Group media@ About SEFA: SEFA is a multi-donor Special Fund that provides catalytic finance to unlock private sector investments in renewable energy and energy efficiency. SEFA offers technical assistance and concessional finance instruments to remove market barriers, build a more robust pipeline of projects, and improve the risk-return profile of individual investments. The Fund's overarching goal is to contribute to universal access to affordable, reliable, sustainable, and modern energy services for all in Africa, in line with the New Deal on Energy for Africa and the M300. About Qair: Qair is an independent renewable energy company developing, financing, building, and operating solar, onshore and offshore wind, hydroelectric, tidal energy, waste-to-energy, battery storage, and green hydrogen production. With 1.7 GW of capacity in operation or construction, the group's 780 employees are developing a portfolio pipeline of 34 GW in 20 countries across Europe, Latin America, and Africa.
Bloomberg
13-05-2025
- Business
- Bloomberg
European Nations Back $250 Million African Private Credit Fund
BluePeak Private Capital Ltd. is on track to raise $250 million for its African private credit fund that will invest in mid-sized companies that remain critically underfunded. The fund raised $80 million in its first close from European development finance institutions including British International Investment, FMO, Swedfund, and Swiss Investment Fund for Emerging Markets.
ITV News
21-04-2025
- General
- ITV News
'A global beacon of compassion, justice, and humility': Midlands pays tribute to Pope Francis
Tributes have flooded in across the Midlands after Pope Francis died aged 88 following weeks of health issues. The Vatican said in a statement on Monday morning: "At 7:35 this morning (local time), the Bishop of Rome, Francis, returned to the house of the Father. His entire life was dedicated to the service of the Lord and His Church." Multi-faith groups in Leicestershire have paid tribute to Pope Francis after his death. A spokesperson for the Federation of Muslim Organisations (FMO) said they were "mourning the passing" of the spiritual leader. Suleman Nagdi from the FMO said: "Though our traditions differ, we recognise the profound impact of the Pope's work in fostering unity, compassion, and justice across borders." The Bishop of Leicester, the Rt Revd Martyn Snow, expressed his sadness following the death of Pope Francis. In a social media post he said: 'A life of devotion to Jesus Christ. Whatever our calling in life, we too can know the joy and peace that Francis displayed in such abundance.' In Nottinghamshire, the Bishop of Nottingham, the Right Reverend Patrick McKinney, has expressed his sorrow following the death of Pope Francis. Bishop McKinney said: 'I am deeply saddened to learn of the death of the Holy Father, Pope Francis. "The Pope has left an indelible mark on the Church and the world, as a man of great warmth and humility who made use of his global prestige to highlight and to listen to the concerns of the poorest and most marginalised people across the world." Bishop McKinney had met Pope Francis on two occasions - when he had been appointed as Bishop of Nottingham in May 2015 and during an 'Ad limina' visit of the Catholic Bishops of England and Wales in 2018. Both meetings were in Rome. During those encounters, Bishop McKinney said he was "struck by his humility and warm welcome, deep love of Christ Jesus, desire to engage in dialogue, and his profound commitment to the Church and her mission." The Pope was last seen in public on Easter Sunday, where he blessed thousands of people in St. Peter's Square. In Staffordshire, the Rt Revd Dr Michael Ipgrave, the Bishop of Lichfield, said a 'defining memory' of Pope Francis was his "attention to the sick, the marginalised and the poor." He also acknowledged Pope Francis' service on Easter Sunday, saying: "He reminded us at all times that God has a heart of mercy, and he showed by his life what mercy looks like in practice. His devotion to his ministry until the end as we have witnessed in the last 24 hours, has underscored this. Birmingham Newman University also released a statement, they described Pope Francis as "A global beacon of compassion, justice, and humility. His tireless work on issues such as care for our 'common home', poverty reduction, and social justice has left an indelible mark on the world."
