The Norwegian state-owned fund, Norfund and the two Dutch lenders, FMO and Rabobank, have created Arise, a new venture based in South Africa, which starts with $660 million in assets in over 10 countries and expects to grow to $1 billion in five years.
New European banking regulations have made it more expensive to hold foreign investments, so Rabobank teamed up with the development banks rather than exit its African investments.
Arise aims to boost access to financial services for Africa’s unbanked individuals, small businesses and agriculture sector.
