Conceived by KfW, the ALCB Fund promotes primary corporate bond issuances in local currency by working with African issuers, investors and intermediaries to bring new deals to market.
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The Fund does so by acting as an anchor investor and through technical assistance; investing in transactions where the ultimate beneficiaries are low income households and MSMEs.

Sectors of interest include: financial inclusion, infrastructure, agriculture, housing, education, healthcare and renewable energy.

Our Approach

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Identifying institutions with the capacity to issue local currency bonds in sectors of developmental interest

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Promoting the advantages of local currency issuances to stakeholders, including investors, regulators and issuers

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Providing technical assistance to support transaction costs and encourage capital market development

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Acting as an anchor investor for bond issuances to crowd-in local investment to sectors of developmental interest

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Undertaking rigorous due diligence and generally introducing improved credit standards to the market

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Ensuring harmonisation of standards and appropriate legal documentation such that the bond can be marketed broadly

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Supporting transparency through listed bonds, where possible, as well as other means of public disclosure

2023 Impact Indicators



$323 million

Investment amount to date



$3,002 million

Private sector co-investment mobilised



9.5x

Present co-investment multiplier



95

Investments to date



16

Countries with investments



45%

Proportion of female borowers



33%

Proportion of rural borrowers



18,312

Carbon displaced (tCO2e)

Supporting the development of African capital markets

Our Approach

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2023 Impact Indicators



$323 million



$3,002 million



9.5x



95



16



45%



33%



18,312

Sponsors

Fund Manager

Investors