TDB and Finnfund working together for investment development in Africa
The Eastern and Southern African Trade and Development Bank Group (TDB Group) has signed a Memorandum of Understanding (MoU) with Finnfund, a Finnish development financier and impact investor, to promote investments that contribute to the UN sustainable Development Goals (SDGs) in key projects in TDB member states.
The MoU, signed by TDB Group President Emeritus and Managing Director Admassu Tadesse and Finnfund Chief Executive Officer Jaakko Kangasniemi, aims to establish and promote a framework for cooperation between TDB Group and Finnfund relating to pursing potential eligible transactions.
The collaboration will focus on projects in key sectors such as agriculture, digital infrastructure and solutions, healthcare, education, SME financing, renewable energy, and other sustainable sector financing, as well as TDB’s various initiatives under the Trade and Development Fund (TDF). The Bank, through this agreement, will endeavor to promote the partnership, sharing opportunities for investment and financing in line with Finnfund’s mission.
Admassu Tadesse, TDB Group President Emeritus and Managing Director said that “TDB Group welcomes this partnership with Finnfund to collaborate in advancing our Member States’ participation in the SDGs. With mutual interests with regards to financing of triple bottom-line impact, we look forward to expanding our work relationship and joint ventures focused on tackling the region’s biggest development challenges. TDB Group continues to place high priority on forming alliances to promote trade between our Member States and Nordic and Baltic nations, expanding our partnerships in the region.”
“This partnership is yet another step for Finnfund in strengthening our presence in Africa through on-ground presence and networks. Last year, we opened a local office in Nairobi and look forward to building strong partnerships with investors, companies and changemakers.” said Jaakko Kangasniemi, Finnfund Chief Executive Officer.
Mary Kamari, TDB Group Corporate Affairs & Investor Relations Executive added “To make a significant and long-lasting impact in the region, TDB frequently engages through MoUs with partners who share our values and core mission. By signing this MoU with Finnfund, we intend to explore alternative financial strategies and collaborate on impact projects to promote business development, creating a sustainable future for the advancement of our region.”