TDB Group extends USD 2 Million loan to MPower Ventures to boost solar energy solutions in Zambia

The Trade and Development Bank Group (TDB Group) of Eastern and Southern Africa, via its Trade and Development Fund (TDF), has granted climate and fintech startup MPower Ventures Zambia Limited a three-year loan of USD 2 million. The funding is designated to enhance the availability of affordable and contemporary energy solutions, especially for households, by supporting the import and retail of solar products for off-grid communities in Zambia.

This transaction enables MPower Zambia to expand its provision of household solar devices and market-driven assets like freezers, sewing machines, and water pumps to households with lower to middle income, SMEs, and farmers in peripheral urban and rural locations.

Trade and Development Fund Executive Director, Gloria Mamba, expresses satisfaction in extending this facility to MPower Ventures as it facilitates the offering of financial solutions to SMEs that typically struggle to secure sufficient funding from formal banking institutions.

Furthermore, MPower Zambia will construct 50 new rural energy hubs, anticipated to generate 30 direct and over 500 indirect jobs, improving productivity and economic activity, and enhancing living conditions for communities presently lacking access to an electricity grid.

MPower’s CEO and Co-Founder, Manuel Seiffe, appreciates the TDB Group’s support through the USD 2 million loan, which will aid MPower’s mission of improving access to clean, affordable energy solutions within Zambia.

The loan agreement was finalized at a breakfast meeting in Intercontinental, Lusaka, attended by stakeholders from the Ministry of Finance and National Planning, State House, the Permanent Secretary of Energy and SMEs, MPower Zambia’s Country Director, and other CEOs.

The TDB Group remains committed to aiding its member states in achieving national priorities by offering innovative financing solutions in sectors crucial to sustainable development.