Norsad Finance, an impact investor that provides structured finance has provided a R150-million (US$8-million) medium-term facility to Grobank. Grobank is a South African private agricultural bank focusing on the full value-chain of the food and agriculture sector. Grobank is wholly-owned by GroCapital Holdings which is a partnership between Afgri Group Holdings, the Government Employees Pension Fund ( South Africa) and the Toronto listed Fairfax Africa Fund LLC. The Norsad Finance facility is earmarked for expansion of Grobank’s agricultural banking business.
Norsad Finance is an impact investor that provides direct debt financing of between US$5 million to US$10 million to mid-market companies for growth and development. Norsad Finance is a long-term funding partner with a typical investment duration of 4 to 7 years on tailor-made financing solutions that enable companies to achieve their strategic goals. Meraki Capital acted as financial advisor and funding arranger to Grobank on the facility.