Norfund, FMO and Rabobank join forces and invest in financial institutions to support growth in Africa
Norfund, FMO and Rabobank have entered into a partnership to reaffirm their long-term commitment to Africa’s future development, growth potential and the local financial sector. The partners are committed to strengthen and develop effective, inclusive financial systems in Africa.
The partners have agreed to pool together the stakes they currently hold in several financial service providers (FSPs) in Sub-Saharan Africa. The new company, to be named Arise, will start with a presence in over 20 countries, a USD 660 million in assets and is anticipated to grow to USD 1 billion.
Kjell Roland, CEO of Norfund says: "The establishment of Arise will contribute to the development of the financial sector in Africa on a scale which is far beyond what Norfund can achieve by itself. By partnering with experienced, like-minded investors such as FMO and Rabobank, will ensure that Arise benefits from excellent banking, technical and managerial expertise.”
Read full press release here.