Huruma Fund, managed by GAWA Capital and financed by the European Union, FONPRODE, COFIDES and private investors and savers, has formalised a first operation in a Savings and Loan Cooperative (COOPAC) called “Norandino”, based in Peru.
Norandino serves primarily smallholder farmers and agricultural cooperatives active in the coffee, cocoa, sugar and banana value chains (but also more recently rice, maize, vegetables and fruits), with various types of tailored credit and savings products, at lower interest rates than market average.
Huruma Fund’s 3 million euros’ investment will enable Norandino to expand and diversify its portfolio, thereby increasing their client base by nearly 30%. The 3-year term for the investment is aligned with the usual longer terms for farming loans, adapting to the financing needs of these entities.
You can access the press release here.