Spain’s Gawa Capital, manager of the public-private Huruma Fund, recently disbursed the fund’s first investment in Brazil, lending EUR 12 million (USD 12.1 million) to Cresol Baser, a cooperative unit of Cresol, which provides savings, loans, training and insurance to individuals, farms and other businesses. The funding is earmarked for agricultural lending, including to help farmers adapt to climate change. Huruma plans to support this effort with technical assistance funding to identify climate risks and methods to manage them.
Founded in 1996, Cresol Baser serves 24,000 farmers with services “adapted to their production cycles.” Among the institution’s goals is to develop a system to measure the progress of its customers on various social measures.
The goal of Huruma is to use debt and equity instruments to improve financial access for small-scale farmers in Africa, Asia, Latin America and the Caribbean. Huruma is led by Compañia Española de Financiación del Desarrollo (COFIDES), a development finance institution backed by the government of Spain. The fund has a volume of EUR 120 million (USD 126 million), of which three quarters is from private investors.
Sources and Additional Resources
Huruma press release
https://fondohuruma.com/en/the-huruma-fund-supports-training-and-adaptation-to-climate-change-for-smallholder-farmers-in-brazil/
Central Cresol homepage
https://cresol.com.br
Gawa Capital homepage
https://www.gawacapital.com
COFIDES homepage
https://cofides.es
More news from MicroCapital on Huruma
https://www.microcapital.org/?s=huruma
More news from MicroCapital on Brazil
https://www.microcapital.org/?s=brazil
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