While Building Prospects remained open to new investments throughout 2021, the continued pandemic restrictions made it difficult to source new transactions. In 2020 we processed deals that were already advanced but were unable to build up a strong pipeline for 2021, which became visible in the low level of new commitments. Nevertheless, the fund was able to close eight new transaction totaling EUR 40.1 mln commitment.

Of the eight transactions, four were transacted in Africa. Three of those African transaction maintained the infrastructure theme by investing in large, clean, and renewable energy projects in a variety of African countries, for example, Burkina Faso, Senegal, and Kenya.

Global climate concerns, further highlighted this year at the COP26, are increasing. Building Prospects continues to maintain a clear focus on climate strong investments through our forestry portfolio. Two transactions were added to our forestry portfolio in Laos and Latin America.

Through the year we also continued to support our existing customers through additional topup requests and providing support through the Capacity Development team. We are also seeing some very promising customers growing in the Ventures Fund program who continue to expand through various funding rounds, specifically in the agri-tech sector.

With renewed spirit and enthusiasm, and a clear vision ahead to “build back better”, we feel optimistic for the year ahead and are looking forward to executing the Building Prospects mandate in 2022.