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Triple Jump, as investment manager of ASN Microkredietfonds, has facilitated an initial €1 million investment in Union Nationale des Caisses Rurales d’Épargne et de Prêt (UNACREP), a microfinance cooperative in Benin.
UNACREP provides loans primarily to smallholder farmers. The cooperative has more than 180,000 members, with about 26,000 clients holding active loans.
Businesses and groups of entrepreneurs can borrow up to €30,000. Most of UNACREP’s clients are individual farmers with smaller financing needs.
“Benin is a new country for us to be active in,” says Sascha Noé, fund manager of the ASN Microkredietfonds. “From a geographical diversification perspective, it was also good to further expand our presence in Africa.”
Besides trade with neighbouring countries Nigeria and Niger, Benin’s economy relies heavily on agriculture, which accounts for 30% of gross domestic product and 70% of employment.
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