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Dear all,
We continue to live in turbulent times.
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During the past few months, we have witnessed extreme weather conditions, such as severe wildfires, caused by climate change in many parts of the world. People have been forced to leave their homes and many people have lost their income. Simultaneously, the Russian invasion of Ukraine, as well as the inflation and political turmoil in many parts of the world continues to affect our key markets and sectors.
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However, it is fair to say, that the outlook for the global economy looks slightly brighter than some months ago – and as a counter-cyclical impact investor, the current situation also provides Finnfund new investment opportunities. We continue to invest in where we are needed most.
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For Finnfund, the first half of the year has been a busy one. Below we present our investment in SATYA MicroCapital, which provides affordable microcredit to households across the rural areas of India. We have also been glad to announce our commitment to finance Kentegra Biotechnology to boost the expansion of pyrethrin production in Kenya, as well as to see the launch of Salotech Thailand, a co-investment with Solar Finland, which produces, high-quality solar panels in Thailand. In April, we also announced our 15 million USD investment in Horizon Capital Growth Fund IV, which provides growth equity to Ukrainian technology and export-oriented companies.
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Markus Pietikäinen
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P.S. We wish you find this quarterly newsletter useful. Should you wish to receive this newsletter in the future but have not yet joined our subscribers, please click here. You can unsubscribe at any time.
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Did you see this?
Finnfund Annual Report 2022 has been published
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Finnfund's Annual Report covers key figures, highlights and the latest impact figures from our investment portfolio - as well as gives an overview of our policies and practices.
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Investment decisions and disbursements in Q2/2023
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Finnfund continued active origination of new investment opportunities in the second quarter of 2023. During the quarter, eighteen new investment decisions were made worth EUR 171 million. Read more
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Finnfund and DFC commit 15 million US dollars in equity and loan financing to Kentegra Biotechnology to boost the expansion of pyrethrin production in Kenya
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Kentegra Biotechnology was founded in 2017 and has quickly grown to become the leading pyrethrin producer in Kenya. Read more
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Finnfund and FMO back SATYA MicroCapital with USD 35 million to make formal finance more accessible to women in India
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Finnfund and FMO have announced a USD 35 million debt funding to SATYA MicroCapital Ltd, which provides affordable microcredit to women from low-income households across the rural areas of India. Read more
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Solar panel production with Finnish know-how in Thailand: local conditions as a starting point for panel design
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“When we decided to start this project together with PEA Encom, the subsidiary of Provincial Electricity Authority, it was important for us as a small Finnish company to get Finnfund’s support” says CEO of Solar Finland, Esa Areva. Read more
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Diving into the deep end of impact investing – Finnfund trainees share their experiences
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“I have actually been surprised by the trust that I have been given from day one – I feel very welcome and I’m sure I will learn a lot during this summer," says Eetu Turunen who works in the Finance team. Read more
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Nea Tiililä: Regardless of the dark clouds over the Kenyan economy, the banking sector is performing relatively well
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BLOG – "Kenyan economy has been developing steadily over the past decade with the help of foreign investors. Nowadays Kenya is the biggest economy in East Africa and a regional transportation, trade and financial hub. However, the recent extremely challenging macroeconomic years have taken a toll on the economy," writes Nea Tiililä, Economist at Finnfund.
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CIM Santé Group: Developing the private healthcare sector in Morocco
STORY – In Morocco, the resources of the current healthcare system remain limited in view of an increasing need for medical care. However, several projects have been initiated to ensure broader accessibility to quality healthcare for all citizens.
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The CIM Santé Group, the leading Moroccan private healthcare group, is a key actor in the accomplishment of this mission, by covering a wide range of medical and surgical specialities. The CIM Santé Group is also committed to supporting women at all levels of the organisation. In 2022, Finnfund supported the company in conducting a gender study.
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“Women are half of the population, playing a key role as both healthcare professional and patients. At CIM Santé Group, women currently make up nearly 70% of the total workforce and are well represented in both senior and middle management positions. This investment is part of our mission to create career opportunities for women in developing countries,” says Johanna Raehalme, head of the Nairobi office at Finnfund.
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OP Finnfund Global Impact Fund I, the first Finnish global emerging markets impact fund, has been financing the group since 2021, together with Vantage Capital, a leading private investment fund in Africa.
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Today, approximately 27% of Finnfund's funding comes from private capital markets
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Finnfund gets its financing from the State of Finland, private capital markets, and return on its investments. We strive to mobilise funding to enhance sustainable development and climate actions in developing countries. At the end of 2022, 27% of Finnfund’s financing was from private capital markets. In our new strategy, we set a strategic objective of increasing this percentage to 50% by 2030. Read more
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Would you like to know more?
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Finnfund is a Finnish development financier and impact investor. We build a sustainable future and generate lasting impact by investing in businesses that solve global development challenges. We invest 200–250 million euros in 20–30 companies in developing countries each year. Our focus sectors include renewable energy, sustainable forestry, sustainable agriculture, financial institutions, and digital infrastructure and solutions. Today Finnfund’s investments, commitments, and investment decisions total about 1.22 billion euros, half of them in Africa. The company has 100 employees based in Helsinki and Nairobi. For more information, please visit www.finnfund.fi
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