FMO invests $10m into eco.business Fund to boost biodiversity conservation in sub-Saharan Africa
The eco.business Fund has received a commitment of $10 million from Dutch development financier, FMO for its recently launched sub-Saharan Africa sub-fund.
Through the investment, the fund and FMO aim to support business and consumption practices in the region that contribute to the conservation of biodiversity and sustainable use of natural resources. The new sub-fund will invest in the four priority sectors of the eco.business Fund, which are agriculture, fishery (including aquaculture), tourism, and forestry.
FMO has been a partner of the eco.business Fund since 2015 and has invested $25 million into the sub-fund for Latin America and the Caribbean so far. The new sub-fund for sub-Saharan Africa was formally launched at the beginning of 2020, and has identified strong potential in the region for the fund’s approach to biodiversity protection.
“Sub-Saharan Africa’s immensely rich animal, plant, and marine biodiversity not only provide critical ecosystem services, it also drives the continent’s economy. But this is being threatened by a combination of factors, such as deforestation and climate change. The eco.business Fund recognizes the importance of protecting these unique ecological landscapes as it affects livelihoods, water supply, and food security,” says Dr. Jens Mackensen, Chairperson of the Board of Directors of the eco.business Fund.
“In this endeavor, FMO is and has always been an invaluable partner of the eco.business Fund, and we are grateful for their continued support in our mission to preserve the biodiverse areas of this region. We are proud to be mobilizing resources for positive impact together, which will not only fulfil our mandate, but also contribute to achieving the SDGs.”
Linda Broekhuizen, Chief Investment Officer of FMO, stresses the importance of the partnership. “This fund allows FMO to contribute to biodiversity and sustainable use of natural resources, with is essential for a world in 2050 in which 9 billion can live well and within the means of the planet’s resources. We are happy to support our longstanding and trusted partner Finance in Motion with this new venture. The expansion of the eco.business Fund into Sub-Saharan Africa is a challenge, but we are optimistic that the results achieved with the LAC sub-fund can be replicated. Moreover, boosting green lending across the continent is a key priority for FMO.