Bamboo Capital Partners fund receives Swiss backing
The Swiss Agency for Development and Cooperation (SDC), responsible for the coordination of Switzerland’s international cooperation, has announced it is investing CHF15 million ($16 million) into the Bamboo-UNCDF Initiative for the Least Developed (BUILD) Fund.
The funding is made in the form of first loss tranche, with a total of CHF9 million (c. $9.9 million) specifically earmarked to support projects in Zambia and Zimbabwe through UNCDF, CHF1 million (c. $1.1 million) allocated to the BUILDER Technical Assistance Facility, as well as CHF 5 million (c. $5.5 million) directly invested into the global BUILD Fund.
The BUILD Fund is a partnership between United Nations Capital Development Fund (UNCDF) and Bamboo Capital Partners. It is a blended impact finance vehicle designed to support business opportunities that contribute to the UN’s Sustainable Development Goals (SDGs) in lower income countries primarily in least developed countries (LDCs). The BUILDER Technical Assistance Facility is managed by UNCDF.
The BUILD Fund is also supported by the Government of Luxembourg, Global Affairs Canada (GAC), the Norwegian Agency for Development Cooperation (Norad), the Nordic Development Fund (NDF), the Swedish International Development Cooperation Agency (SIDA) and the U.S. Development Finance Corporation (USDFC). The BUILD Fund has raised $49 million of first loss capital so far.
Jean-Philippe de Schrevel, founder and managing partner, Bamboo Capital Partners said, “This investment provides a real boost to the BUILD Fund – both in terms of funding and technical assistance. We are grateful to the Government of Switzerland for the confidence they place in the fund to deliver positive change and impact in the least developed countries, and especially in Zambia and Zimbabwe. This is an impactful investment from a key actor in the region.”