The CDC Group, a UK development finance institution, has committed USD 10 million to Shorecap International’s ShoreCap II (SCII) fund, which will invest in microfinance institutions in low-income African and Asian countries. ShoreCap plans to raise a total of USD 100 million for its SCII fund. No other investments have been announced thus far.

“With our commitment of USD 10 million to ShoreCap’s successor fund, SCII, CDC continues to support microentrepreneurs and small businesses in Africa and Asia,” said Hywel Rees-Jones of the Alternative Investments team at CDC.

By Jay Kumar, Research Assistant

About Shorecap International (SCI):
ShoreCap International (SCI) was launched in 2003 by ShoreBank Corporation. It is an international private equity company that invests in small business banks and regulated MFIs in developing and transitional countries. SCI also coordinates with its affiliate, ShoreCap Exchange, a nonprofit unit specializing in technical assistance and capacity building, in support of its operations in Africa, Asia and Eastern Europe.

About CDC Group Plc:
CDC is a development finance institution (DFI), owned by the UK Government’s Department for International Development. The organization’s mission is to foster growth in sustainable businesses and to help raise living standards in developing countries. At the end of 2008 CDC’s portfolio of companies was worth GBP 811 million (USD 1.3 billion).

Additional Sources:
1.) http://www.pehub.com/61743/shorecap-management-raising-100-million/
2.) http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=ShoreCap+International+(SCI)
3.) http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=CDC…