African commercial data and counterparty risk services provider in Africa Inoxico has secured funding from the Up-Scaling Program of DEG, a subsidiary of KfW.
With the Up-Scaling Program, DEG finances investments of small and medium enterprises that intend to scale up innovative business models with high developmental impact.
Projects such as these can be co-financed by up to E500 000; repayable on success. The funding of Inoxico is based on DEG’s policy of promoting business initiative in developing countries.
Dr Thomas Koch, director of strategic projects at DEG, explains: “As one of Europe’s largest Development Finance Institution, we promote private entrepreneurs and businesses to contribute to sustainable economic growth and improved living condition. We see Inoxico as a great opportunity to promote an exciting business whilst having a positive impact on the commercial corporate governance environment and transparency in Africa.”
Andre Stürmer, CEO of Inoxico, confirms: “The support of DEG allows us to fast track our Africa expansion – further enabling clients to reduce fraud, waste and abuse in their supply chains across the continent. We are greatly looking forward to a successful co-operation in 2016 and beyond.”