FSD Inject Sh268bn in affordable housing and energy project
03-04-2023 09:55:18 | by: Marlene Mutimawase | hits: 1418 | Tags:

FSD has injected £1.9 billion (Sh268 billion) of long-term capital to SMEs, in the last 10 years towards affordable housing and sustainable energy projects.

The UK aid-funded specialist development agency, says it has made significant strides by advancing policy and regulatory reforms, enhancing financial infrastructure and increasing capacity in Africa’s financial markets.

FSD Africa CEO Mark Napier says these efforts have led to large-scale and long-term change, providing access to financial services to over 10.2 million people and addressing issues related to financial exclusion.

“In a short space of time, we have strengthened and developed financial markets, and tapped into capital by using new instruments such as green and gender bonds,” said Napier.

Speaking during the firm’s 10-year anniversary he noted that while its support for business growth has improved access to finance for more than 3 million African businesses has led directly or indirectly to the creation of over 35,000 new jobs.

“Kenya’s partnership with FSD Africa has created a favorable environment for the growth of our local capital markets, resulting in increased interest from both domestic and foreign investors,” said National Treasury Cabinet Secretary Njuguna Ndung’u.

During this period, the agency has contributed to 10.2 million people accessing financial services, invested over £50 million (Sh7.1 billion) towards green initiatives and created 35,700 Full-Time Equivalent Jobs in support of sustainable economic development.

The organisation has recently boosted its investment into projects that enable an equitable transition to a green future for Africa after several successful initiatives, including developing regulations and assisting green bond issuance programmes in Kenya and Nigeria.

The agency added that its green portfolio and pipeline have expanded because of continuous investments in programmes that provide environmental and social consequences, with close to £50 million being invested in green initiatives.

“FSD Africa is delivering on these priorities in Kenya and across the continent, creating over 35,000 jobs and leveraging more than Sh300 billion into sectors like renewable energy,” said British High Commissioner to Kenya Jane Marriott.