Annual Report 2024

"Africa is in the middle of a digital revolution. Internet usage is growing fast, and it is important that the digital infrastructure is able to meet the growing need," says Niklas Simola, Investment Manager at Finnfund. In December, Finnfund, the U.S. International Development Finance Corporation (DFC) and Google LLC, announced an initial equity investment of USD 90 million in Cassava Technologies Limited. Finnfund’s commitment is USD 15 million. Finnfund’s investment is made with support from the European Union and the European Fund for Sustainable Development Plus, one of the financing tools of Global Gateway.

In 2024, Finnfund committed 10 million US dollars as a follow-on investment to the Kashf Foundation, one of the leading microfinance institutions in Pakistan. The initial investment was made in 2021, and since then, Kashf has grown to become the largest distributor of microinsurance solutions in Pakistan and has also introduced health insurance products aimed at underserved women who did not previously have access to insurance. Kashf currently serves over 750,000 customers, and more than 70 per cent of its loans are deployed to micro-enterprises owned by women.

“We have collaborated with Finnfund for years, supporting Gemco Kati’s growth and development. Finnfund’s support has been invaluable to us, helping guide the evolution of our business”, says Matti Rautakoski, Sales and Marketing Director at Kati Ltd. Gemco Kati was established in 2010 as a joint venture between Kati Ltd, a Finnish drilling company, and the Indian founders, namely the owners of Gemco. As part of the collaboration between Finnfund and Gemco Kat, a survey was also conducted to investigate aspects such as employee job satisfaction, quality of life, and the impacts of climate change.

AMN builds small solar-powered network base stations in sub-Saharan Africa. In March 2025, AMN operated more than 4,200 base stations across more than 10 African countries, providing crucial connectivity to 13 million people. “AMN envisions a future in which all communities of any significant size have access to telecommunication services. We leverage our low-cost base and our experience in rolling out quickly and efficiently to positively impact those living in rural communities across Africa. Our unique business model means that we can profitably connect rural and ultra-rural communities, and this is key to ensuring sustainable development of mobile services”, explains Mike Darcy, the CEO of AMN.