The Trade and Development Bank Group (TDB Group) of Eastern and Southern Africa, through its Trade and Development Fund (TDF), has awarded climate and fintech startup MPower Ventures Zambia Limited a three-year loan of USD 2 million. The funding aims to enhance the accessibility of affordable and modern energy solutions, particularly for households, by facilitating the import and distribution of solar products for off-grid communities in Zambia.
This transaction enables MPower Zambia to broaden its offering of household solar devices and market-driven assets such as freezers, sewing machines, and water pumps to households with lower to middle incomes, small and medium enterprises (SMEs), and farmers in remote urban and rural areas.
Gloria Mamba, Executive Director of the Trade and Development Fund, expresses satisfaction in extending this facility to MPower Ventures as it facilitates the provision of financial solutions to SMEs, which often struggle to secure adequate funding from formal banking institutions. Moreover, MPower Zambia plans to establish 50 new rural energy hubs, expected to create 30 direct and over 500 indirect jobs, thereby boosting productivity, economic activity, and living standards for communities currently without access to an electricity grid.
Manuel Seiffe, CEO and Co-Founder of MPower, acknowledges the support of the TDB Group through the USD 2 million loan, which will further MPower’s mission of enhancing access to clean, affordable energy solutions across Zambia.
The loan agreement was finalized at a breakfast meeting held at Intercontinental, Lusaka, attended by stakeholders from the Ministry of Finance and National Planning, State House, the Permanent Secretary of Energy and SMEs, MPower Zambia’s Country Director, and other CEOs.
The TDB Group remains dedicated to supporting its member states in achieving national priorities by providing innovative financing solutions in sectors essential to sustainable development.
Source: Innovation Village