The firm’s Banking and Finance team has advised Eco-Business Fund (EBF) and the SANAD Fund for MSME (SANAD) (impact funds advised by Finance in Motion, a world-leading impact asset manager with specialist experience in generating positive change in emerging markets around the world) on three West African financings. These were:
- a USD 20 million loan from EBF to Coris Holding and Coris Bank International Cote D’Ivoire for the purpose of supporting local investment into agriculture, forestry, fishery and tourism in Burkina Faso and Cote D’Ivoire;
- a USD 20 million loan from EBF to Banque International Pour L’Industrie et le Commerce for the purpose of onward investment into agriculture, forestry, fishery and tourism sector in Benin; and
- a EUR 6 million loan from SANAD to Baobab Cote D’Ivoire for the purpose of investment into agriculture, livestock and/or agro-processing in Cote D’Ivoire.
These investments will allow for the financing of micro, small, and medium enterprises (MSMEs) and other institutions engaged in agriculture, livestock and agro-processing in Benin, Burkina Faso, and Cote D’Ivoire. Providing accessible capital to vital industries in these jurisdictions will, in turn, allow for agricultural development and increased food security. The agricultural industry in West Africa accounts for approximately 35% of the region’s GDP, and provides employment to over 290 million people (employing 60% of the region’s work force), and is a critical industry in West Africa. These financings align with UN’s policies of improved infrastructure and cultivation of specified crops, and demonstrates EBF’s and SANAD’s continued support of climate change mitigation and adaptation in the region. The Burges Salmon team advising on each transaction was led by Rachael Ruane (Partner) and Luke Addison (Senior Associate), and supported by Thomas Papke (Solicitor) and Amelia Turner (Solicitor).
Luke Addison, Senior Associate at Burges Salmon, comments: “We are proud to advise on transactions which drive positive change across Africa, and are delighted to have advised on these deals which provide much needed support to the agricultural sector in West Africa.”
Laura Vilsmeier, Manager (Legal) at Finance in Motion, comments: “We are grateful to the Burges Salmon team for their dedication on these deals, especially in the final weeks of 2024 - we could not have done it without their support.”
Finance in Motion structures, manages, and advises almost €4 billion across 9 funds, all classified as Article 9. These private market funds drive impact for people and planet through regional financial intermediaries, direct investments, advisory and capacity building. Founded in Germany, with local expertise from Latin America to CEE, it has been investing in emerging markets for over 15 years.