Impact Investment Fund introduces the ‘Vital Impact Relief Facility’ for COVID 19 stricken African Companies.
The impact investment fund, Vital Capital has introduced ‘The Vital Impact Relief Facility’ to assist African companies that have been stricken by the virulent COVID 19.
The facility aims to aid enterprises to continue giving essential services since most countries are under lockdown to prevent the spread of COVID 19.
The Vital Impact Relief Facility will commence with a total of USD 10 million in which USD 1 million will be given to each company for 4 years.
These loans will help Africa businesses to withstand the consequences that the pandemic has brought to the economy and to keep them stable even when the pandemic is over.
Vital Capital will target companies dealing in Agro-industry and processing, healthcare, education, and sustainable infrastructure.
The company will begin with Kenya and Uganda. Then, will later move to countries such as Ghana, Ivory Coast, Angola, Senegal, and DR Congo.
Managing Partner at Vital Capital, Nimrod Gebner said “Because the Coronavirus has already begun to impact a range of businesses in Sub Saharan Africa, there is an urgent need for the loans that many of these African companies will require to ride out this tumultuous period “
“It’s a fast-developing situation that demands immediate action, so we are pleased to move forward with this debt facility and we encourage others to join us” Gebner added.
Vital Capital Fund is a $ 350 Million investment privacy equity fund focused on Sub Saharan Africa that delivers essential development impact to millions of individuals in low and middle-income communities.
It was founded in the year 2011. Vital Capital’s mission is to improve the well being of previously underserved Sub Saharan communities while generating risk-adjusted returns to investors.