Calvert Foundation has backed SA Taxi’s lending to taxi entrepreneurs in South Africa.
SA Taxi provides finance and insurance to entrepreneurs who operate minibus taxis in South Africa, which are used by nearly 70% of all households. The taxi-finance company offers vehicle services to its clients, nearly all black South Africans who don’t commonly qualify for commercial financing.
The $5 million Calvert investment will give SA Taxis the ability to grow its team of minibus drivers and entrepreneurs and help SA Taxis reduce emissions with the purchase and management of fuel-efficient minibuses.
It is the first international transportation investment for Calvert, which was joined by the Overseas Private Investment Corp. and MicroVest.