Soros Economic Development Fund commits $8 million to GroFin’s Nomou Jordan Fund

GroFin is pleased to announce that Soros Economic Development Fund has committed $8 million to its Nomou Jordan Fund.

GroFin specializes in financing and supporting small business growth across Africa and the Middle East. Its Nomou Jordan Fund provides patient capital and business support services to small and medium-size businesses (SMEs) in Jordan and thereby contributing to the growth of Jordan’s economy and the creation of sustainable jobs. The business support services include helping to position emerging SMEs to be investment ready and networking them to local and international business opportunities.

The Nomou Jordan Fund was launched in 2014 and as of 30 June 2018 has invested $21 million in 35 SMEs in Jordan, out of which $9 million was invested in 14 SMEs owned by or employing refugees. Over the next two years the Fund will deploy at least $5 million in additional capital such SMEs, which tend to be underserved by traditional lenders.

In addition to the financial investment, GroFin will also provide these SMEs with business support at pre-finance and post-finance stages, including helping to get the enterprises investment-ready and making connections to local and international business opportunities. In addition, GroFin will encourage all of the 50+ SMEs in its portfolio in Jordan to support refugees, either through employment or providing products and services to refugee communities.

The investments by the Nomou Jordan Fund have been made possible with the support of its investors including Shell Foundation, KFW, Lundin Foundation, UK Aid, GroFin Capital and the most recent commitment from the Open Society Foundations’ Soros Economic Development Fund.

GroFin CEO, Guido Boysen said:

“With this additional funding from the Open Society Foundations, Nomou Jordan Fund will be able to expand its reach and focus to make its investments in a more inclusive way, by improving livelihoods for Jordanians as well as members of the country’s substantial refugee population”

GroFin wins its category at the 2018 Finance for the Future Awards

GroFin is pleased to announce that it is the winner of the Finance for the Future Awards, in the Building Sustainable Financial Products category.

Finance for the Future Awards is run by ICAEW (Institute of Chartered Accountants in England and Wales) and A4S (The Prince’s Accounting for Sustainability Project) along with their partner Deloitte. The prestigious awards saw nominees, in the different categories, such as HSBC (UK), Coca Cola and Standard Bank Group amongst others.

With the Building Sustainable Financial Products category, the nominees competing with GroFin were the highly-recognised and highly-respected nominees, namely, Abundance Investment (UK), Environmental Finance (UK), QBE (Australia) and Yes Bank (India).

The award ceremony took place in London on the 16th of October and GroFin was represented by its CFO William Morkel who collected the award on behalf of the company.

“I would like to dedicate this award to our employees, as well as our clients and investors. It is testimony to the collective effort we undertake here at GroFin to bring about positive social and financial impact in the lives of the people we serve,” says Guido Boysen, GroFin CEO.

GroFin wins 2018 Finance for the Future Awards

Finance for the Future Awards is held every year and has six categories namely; Embedding an integrated approach, Innovative project, Communicating integrated thinking, Investing and financing, Building sustainable financial products and Driving change through education, training and academia.

About GroFin

GroFin is a pioneering private development financial institution specialising in financing and supporting small and growing businesses (SGBs) across Africa and the Middle East. We combine medium term loan capital and specialised business support to grow SGBs in emerging markets. By successfully combining medium term loans and specialised business support delivered through our local offices, we have invested in over 700 SMEs and sustained over 88,150 jobs across a wide spectrum of business activities within the 15 countries in Africa and Middle East that we operate in. GroFin has its headquarters located in Mauritius.

Media enquiries:

Sharmila Kowlessur (Chief Marketing Officer – GroFin) on +230 452 9156 , or email sharmila@grofin.com

Notes to editors:

ICAEW connects over 147,000 chartered accountants worldwide, providing this community of professionals with the power to build and sustain strong economies.

Training, developing and supporting accountants throughout their career, we ensure that they have the expertise and values to meet the needs of tomorrow’s businesses.

Our profession is right at the heart of the decisions that will define the future, and we contribute by sharing our knowledge, insight and capabilities with others. That way, we can be sure that we are building robust, accountable and fair economies across the globe.

ICAEW is a member of Chartered Accountants Worldwide (CAW), which brings together 11 chartered accountancy bodies, representing over 1.6m members and students globally.

The Prince’s Accounting for Sustainability Project (A4S)

The Prince’s Accounting for Sustainability Project (A4S) was established by HRH The Prince of Wales in 2004. Our aim is to make sustainable decision making business as usual.

We work with the finance and accounting community to:

  • Inspire finance leaders to adopt sustainable and resilient business models
  • Transform financial decision making to enable an integrated approach, reflective of the opportunities and risks posed by environmental and social issues
  • Scale up action across the global finance and accounting community

A4S has three global networks: the Chief Financial Officers Leadership Network, a group of CFOs from leading organizations seeking to transform finance and accounting; the Accounting Bodies Network whose members comprise approximately two thirds of the world’s accountants; and, the Asset Owners Network which brings together Pension Fund Chairs to integrate sustainability into investment.

www.accountingforsustainability.org

Deloitte

In this press release references to “Deloitte” are references to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”) a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see deloitte.com/about for a detailed description of the legal structure of DTTL and its member firms.

Deloitte LLP is a subsidiary of Deloitte NWE LLP, which is a member firm of DTTL, and is among the UK’s leading professional services firms.

The information contained in this press release is correct at the time of going to press.

For more information, please visit www.deloitte.co.uk.