MPower Ventures has secured a $2 million term loan from the Eastern and Southern African Trade and Development Bank Group (TDB Group). This collaboration aims to enhance access to affordable and modern energy solutions across Zambia.
Commenting on the development Gloria Mamba, Trade and Development Fund Executive Director and TDB Southern Africa Coverage Executive, said: “We are pleased to extend this facility to MPower as it allows us to provide concessional financial solutions to SMEs … spur change and transformation within our communities, bringing about green growth opportunities and sustainable development, which is what we desire to see across the region.”
The loan will enable MPower Zambia to expand its reach, offering household solar devices and productive assets to lower and middle-income households, SMEs, and farmers across Zambia.
Manuel Seiffe, CEO and Co-Founder of MPower stated: “We are immensely grateful for the support extended by the TDB Group through the Trade and Development Fund. This loan marks significant progress for MPower as we strive to enhance access to clean, reliable and affordable energy solutions across our core markets. Large parts of Zambia and Africa still suffer from non-existent or unreliable power supply. MPower allows for leapfrogging straight to solar energy and we are grateful for TDB’s support in achieving our mission.”
The signing ceremony saw the presence of representatives from both sides, including government officials and industry leaders, highlighting the significance of this partnership.