Supporting the development of African capital markets

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.

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

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

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

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

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

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

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

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


Present co-investment multiplier


Investments to date


Countries with investments


Proportion of female borowers


Proportion of rural borrowers


Carbon displaced (tCO2e)