EBF and SANAD Fund Invest in Subordinated Debt for Ecobank to Strengthen Agricultural Finance in Africa

Luxembourg June 17th, 2026 –The eco.business Fund (EBF) and the SANAD Fund for MSME, both managed by Finance in Motion, continue to strengthen the partnership with Ecobank Group (Ecobank Transnational Incorporated, ETI). The investment was made through the first Sustainable Agriculture and Nature Capital Bond – a subordinated bond recognized as Tier 2 capital – issued by an African commercial bank. The funds invested a combined USD 10 million earmarked for MSMEs and sustainable agriculture.

The investment carries the ICMA Nature Bond designation under the “Sustainable Bonds for Nature Practitioner’s guide and is compliant with the four-core component of the Green Bond Principles’’. This translates into a commitment to adhere to allocation, placement, management, and transparent reporting of investments aligned with performance indicators that improve nature and ecosystem health. The aim is to address persistent financing gaps facing farmers, agricultural enterprises, and related businesses in the region.

By combining long-term capital with dedicated advisory support, the partnership aims to strengthen resilience across agricultural value chains, promote sustainable and environmentally responsible practices, reduce post-harvest losses, and improve productivity. At a time when food security, climate pressure, and access to finance remain critical challenges, this collaboration underscores the role of blended finance in supporting inclusive economic growth in Africa.

“This partnership reflects our shared commitment to support innovative capital market instruments aimed at channeling more international capital to sustainable food production in Africa,” said Michael Evers, Board Chair of the eco.business Fund.

“For SANAD, this investment is about expanding opportunities for underserved MSMEs operating in one of the region’s most important sectors. Together with our partners, we are helping businesses access the liquidity and support they need to grow, create jobs, and build resilience,” said Sandra Rohleder, Board Chair of the SANAD Fund for MSME.

The subordinated bond is expected to be complemented by capacity-building measures through both funds advisory and capacity building services, helping maximize development impact for smallholder farmers, agricultural enterprises, and wider rural economies.

For more information on the eco.business Fund and SANAD Fund for MSME visit: www.ecobusiness.fund/en & www.sanad.lu

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About SANAD
The SANAD Fund for MSME finances micro, small, and medium enterprises and low-income households in the Middle East and North Africa and selected countries in sub-Saharan Africa via qualified local lenders. SANAD thereby fosters economic development and job creation – including youth employment – agriculture, affordable housing, and innovations in finance and financial technologies. SANAD strives to meet these goals by providing debt and equity financing to its local partners. The SANAD Technical Assistance Facility multiplies the fund’s development impact and outreach through capacity-building with partner institutions, developing financial infrastructures according to the principles of responsible finance and conducting much required R&D.  

An impact investment fund managed by Finance in Motion, SANAD’s investors include the KfW Development Bank, which initiated the fund; the German Federal Ministry for Economic Cooperation and Development (BMZ); the European Union; Switzerland’s State Secretariat for Economic Affairs (SECO); OeEB, the Development Bank of Austria; Germany’s GLS Bank and GLS Treuhand; the Dutch development bank FMO; and Calvert Impact Capital.  

About the eco.business Fund

The eco business Fund promotes biodiversity conservation and sustainable value chains in Latin America and Africa by providing debt financing for businesses in the sectors of agriculture, forestry, aquaculture and tourism. The fund investments can be complemented with advisory and capacity building from a separate facility. eco business was created in 2015 by Germany's KfW Development Bank, Conservation International and Finance in Motion. The fund counts with first loss capital from BMZ, the European Union and the UK-DEFRA.

About Finance in Motion
Finance in Motion structures, manages, and advises almost €4 billion across 10 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. Founded in Germany, with local expertise from Latin America to CEE, it has been investing in emerging markets for over 20 years. www.finance-in-motion.com