The Norwegian Investment Fund for Developing Countries (Norfund), a state-owned development finance institution, has acquired an 8.9 percent equity stake in Real People, a company in South Africa that provides credit management services and microcredit to “middle and low income earners” [1,2,3].Norfund subscribed to new shares in Real People worth ZAR 100 million, the equivalent of over USD 13 million [1]. Additionally, Norfund has made a ZAR 100 million senior unsecured loan available to Real People [1]. Both investments will be used to expand Real People’s existing operations in South Africa, Malawi, Tanzania, Kenya and Lesotho [1].
By Christopher Maggio, Research Assistant
About:
Norwegian Investment Fund for Developing Countries (Norfund)
Description:
The Norwegian Investment Fund for Developing Countries (Norfund) is a state-owned financial institution that provides investment capital, loans, and guarantees to businesses that have limited access to finance. It was founded in 1997 by the Storting, the Norwegian parliament. It has made investments in Real People, Hattha Kaksekar Ltd. (HKL), and Cambodian Entrepreneur Building (CEB), among others.
Norfund does not report to the MIX Market, the microfinance information clearinghouse.
Organization’s Website:
http://www.norfund.no
Just the Facts:
– Country of Incorporation: Norway
– Year Founded: 1997
– Total Assets: USD 921 million (as of 31/Dec/08)
– Total Equity: USD 913 million (as of 31/Dec/08)
– Outstanding Loans: USD 8.6 million (as of 31/Dec/08)
– Investees: Real People, Hattha Kaksekar Ltd. (HKL), Cambodian Entrepreneur Building (CEB)
– Instruments: Debt, Equity
– Managing Director: Kjell Roland
Contact Information:
Postal address: P.O. Box 1280 Vika, 0111 Oslo, Norway
Visiting address: Støperigata 2, N-0250 Oslo, Norway
Phone: +47 22 01 93 93
Fax: +47 22 01 93 94
Email : post@norfund.no
Additional Resources:
Annual Report 2008
MicroCapital’s Microfinance Universe profile: Norfund
About:
Real People
Description:
Real People is a company based in South Africa that provides credit management services, microloans, housing, and other services. It operates in South Africa, Lesotho, Swaziland, Kenya, Malawi, and Tanzania. It was established in 2001.
Real People Does not report to the MIX Market, the microfinance information clearinghouse.
Organization’s Website:
http://www.realpeople.co.za
Just the Facts:
-Country of Incorporation: South Africa
-Year Founded: 2001
-Total Assets: USD 297.4 million (as of 31/March/09)
-Area of Operation: South Africa, Lesotho, Swaziland, Kenya, Malawi, and Tanzania
Contact Information:
Telephone: +27 86 173 2573
realsolutions@realpeople.co.za
Additional Resources:
Annual Report 2009
MicroCapital’s Microfinance Universe profile: Real People
Bibliography:
[1] Real Estate Web article entitled ‘Norfund acquires 8.9% of Real People’: http://www.realestateweb.co.za/realestateweb/view/realestateweb/en/page311?oid=54504&sn=Detail
[2] Norfund: http://www.norfund.no/
[3] Real People: http://www.realpeople.co.za
Similar Posts:
- MICROCAPITAL BRIEF: Sun King Raises $130m for Pay-as-you-go Solar in Kenya, Citi is Sole Arranger
- MICROCAPITAL BRIEF: Incofin Launches Water Access Acceleration Fund (W2AF) with $39m to Invest in Africa, Asia
- MICROCAPITAL BRIEF: Yabx Raising Equity to Expand Backoffice Fintech for Financial Inclusion in Nigeria
- MICROCAPITAL BRIEF: Abler Nordic Sells Equity Stake in Microfinance Institution Baobab Senegal, Retains Holding in Parent Company
- MICROCAPITAL BRIEF: Oxfam, Goodwell Launch Pepea, $23m Fund to Invest in SMEs in East Africa
