The African Development Bank (AfDB) has invested $10 million in Dhamanaguarantee, a Kenyan business that provides guarantees to support economic development.
Dhamana will also receive investment from City Pension Fund Financial Services (CPF), assistance from Financial Sector Deepening Africa (FSD Africa), and Cardano Development.
It will also promote access to finance in key sectors such as transportation, water, renewable energy and waste management and also investment in the infrastructure sector.
AfDB said in a statement on Wednesday, committed to catalysing green and sustainable financing into East Africa, providing credit guarantees to stimulate private institutional investment in infrastructure.
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“Dhamana will demonstrate the value of such a facility in the East African market, opening up opportunities for investors and clients alike. Crucially, Dhamana will engage new partners and investors in our efforts to urgently address the climate crisis and accelerate delivery of the UN Sustainable Development Goals,” InfraCo Africa CEO Gilles Vaes, who represented Private Infrastructure Development Group (PIDG) said.
Dhamana CEO Christopher Olobo added that the company’s urban benefits will connect underserved capital to East Africa’s real economy, making a real difference to people’s lives and providing an opportunity to invest in the Paris Agreement.
