ADF approves $37.2mn by PSF for projects in Senegal, Sudan, Kenya

The African Development Fund's board of directors have recently approved the credit risk participations by the Private Sector Credit Enhancement Facility for projects in the countries like Senegal, Sudan and Kenya.

The agreement covers operations cumulatively valued at USD 37.2 million and includes a corporate loan to support an East African agribusiness firm's domestic and regional expansion, and two lines of credit targeting SME borrowers.

The Private Sector Credit Enhancement Facility (PSF) was launched by the African Development Fund (ADF) in 2015. It provides credit risk participations in low-income countries, and is well on its way to building a USD 1.5 billion portfolio of exposures.

The approval of these operations brings the PSF's total portfolio to USD 733.25 million, comprising risk exposures in 47 operations amounting to roughly USD 2.6 billion of total NSO loans.

"We continue to advance the African Development Fund's mission to strengthen development impact by creating opportunities for the private sector to invest in low-income countries," PSF Administrator Cecile Ambert opined.

The approved operations were selected because of their high potential to increase food production, deepen regional trade, and spur job creation, particularly for women and young entrepreneurs.