IFC invests in Namibia’s Trustco
The International Finance Corporation (IFC) announced last month that it would inject R300-million into Namibia-based Trustco Group through the purchase of equity, notes and shares.
The investment supported Trustco’s student lending activities and enhanced access to higher education in Namibia, while delivering affordable microinsurance into new markets in sub-Saharan Africa.
Trustco focused on micro- financial services to previously excluded communities, especially microinsurance and microfinance for education.
“It is the first time that a publicly traded Namibian company [is able to] access the debt capital markets directly through the listing of a R1-billion note programme on the JSE,” said Trustco group MD Quinton van Rooyen.
The IFC aimed to buy R200-million of the Namibia- and South Africa-listed company’s recently listed R1-billion notes programme, new listed shares valued at up to R30-million, and to potentially acquire another R70-million in shares in the future.
“By supporting Trustco’s corporate bond programme, the IFC is further encouraging deeper capital markets, which is critical to the development of Africa’s corporate sector,” said IFC senior manager for Southern Africa Saleem Karimjee.
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