Novo Nordisk Foundation

About the fund

The Refugee Investment Facility is an impact-linked debt fund launched in 2022 by iGravity in partnership with the Danish Refugee Council, providing concessional loans between $150,000 and $800,000 at interest rates of 6–8% to local businesses in Uganda, Jordan, and other markets across East Africa, the Middle East, and Latin America. The facility targets enterprises that create employment, skills training, and essential services for displaced and vulnerable populations, with pricing incentives tied to measurable outcomes such as refugee hiring, expanded service access, and increased lending to refugee-led businesses. The fund employs a blended finance structure combining debt and recoverable grant components, designed to mitigate risk and appeal to development finance institutions, family offices, and foundations. With an initial capitalization of $8 million and a target fund size of $25 million, the facility aims to demonstrate a scalable model for channeling capital toward economic integration and financial inclusion in refugee-affected regions.