TAKURA CAPITAL PARTNERS (PRIVATE) LStatus: Approved investment
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Who is our customer
Our Client is Takura Capital Partners pvt limited, an SME-PE fund in Zimbabwe.
What is our funding objective?
In March and April 2019, cyclones Idai and Kenneth raged over large parts of Mozambique, Zimbabwe and Malawi. FMO wants to provide emergency grants where needed to its clients in the affected areas. For this project, FMO will provide EUR 50,000 to its investee client Takura II Feeder to support local communities in rebuilding their businesses and homes. On 15 March 2019, Cyclone Idai hit the eastern highlands of Zimbabwe, after causing mass devastation in Mozambique. With the cyclone came winds in excess of 200km/hr, as well as some of the heaviest rains the region has experienced, which caused rivers to burst their banks, as well as catastrophic landslides. The cyclone lasted about 2 days and resulted in loss of human life, loss of livestock and crops, partial and complete destruction of many homes, clinics and schools, and has put the livelihoods of many communities in the affected areas under a great deal of stress. Two provinces, Manicaland and Masvingo, were most affected by the cyclone, and as of 30 April 2019, the International organization of Migration (IOM) estimated that 270,000 individuals had been affected, with 90,000 in need of emergency shelter and non-food items. 50,905 people were displaced in the 12 affected districts of Manicaland and Masvingo. Attached in Annex 1 is a basic map of the affected areas. Many of the areas that have been affected by Cyclone Idai are home to small-scale farmers, whose livelihoods depend on agriculture. As a result of the destruction by the cyclone, many of these farmers have been affected through the destruction of lands, as well as loss of crop stocks, inputs (such as fertilizers) and farming implements. Cairns, which is one of Takura’s portfolio companies, works with various individual farmers and irrigation schemes in the area, and has seen first-hand the devastating effects being experienced as a result of the natural disaster.
Why do we fund this investment?
FMO aims to be the preferred partner for local prosperity and thus, support its clients and investees in both good and bad times. Supporting Takura, its staff and its communities lies at the heart of being a good business partner. FMO generally does not provide 100% grants but looking at the magnitude of the disasters, FMO’s MB felt it is suitable to support the recovery of the local communities via our investees.
What is the Environmental and Social categorization rationale?
|Date||Total FMO financing|
|8/18/2020||EUR 0.10 MLN|
- Infrastructure, Manufacturing and Services
- Effective date
- Total FMO financing
- EUR 0.05 MLN
- FMO NV