Lawyers from Bristol-headquartered legal practice Burges Salmon have advised on three deals totalling around $46m (£37.6m) to support agriculture, forestry, fishery and tourism in West Africa.
They worked with Eco-Business Fund (EBF) and the SANAD Fund for MSME (SANAD), impact funds advised by Finance in Motion, a world-leading impact asset manager with specialist experience in generating positive change in emerging markets around the world.
The investments will help finance micro, small and medium-sized enterprises and other institutions in agriculture, livestock and agro-processing in Benin, Burkina Faso and Cote D’Ivoire.
Burges Salmon said providing accessible capital to vital industries in these countries would, in turn, lead to much-needed agricultural development and increased food security.
West Africa’s agricultural industry accounts for around 35% of the region’s GDP and provides employment to more than 290m people – 60% of the workforce).
These financings align with UN’s policies of improved infrastructure and cultivation of specified crops while demonstrating EBF’s and SANAD’s continued support of climate change mitigation and adaptation in the region.
The three deals were:
- a $20m loan from EBF to Coris Holding and Coris Bank International Cote D’Ivoire to support local investment in agriculture, forestry, fishery and tourism in Burkina Faso and Cote D’Ivoire,
- a $20m loan from EBF to Banque International Pour L’Industrie et le Commerce for onward investment in agriculture, forestry, fishery and tourism sector in Benin,
- a €6m loan from SANAD to Baobab Cote D’Ivoire for agriculture, livestock and/or agro-processing in Cote D’Ivoire.
The Burges Salmon banking and finance team advising on the transactions was led by partner Rachael Ruane and senior associate Luke Addison, supported by solicitors Thomas Papke and Amelia Turner.
Luke Addison, pictured, said: “We are proud to advise on transactions which drive positive change across Africa and are delighted to have advised on these deals which provide much needed support to the agricultural sector in West Africa.”
Finance in Motion manager (legal) Laura Vilsmeier added: “We are grateful to the Burges Salmon team for their dedication on these deals, especially in the final weeks of 2024 – we could not have done it without their support.”
Founded in Germany, with local expertise from Latin America to Central and Eastern Europe, Finance in Motion has been investing in emerging markets for more than 15 years.
It structures, manages, and advises almost €4bn across nine funds, all classified as Article 9.
These private market funds drive impact for people and planet through regional financial intermediaries, direct investments, advisory and capacity building.
Burges Salmon employs around 1,100 people across its offices in Bristol, Edinburgh and London.
