Mauritius-based Bayport Management has secured $12 million in financing from WaterEquity, the Water.org facility that finances development institutions engaged in water and sanitation projects around the world. The loan will be used to finance clean water and sanitation in seven countries in Africa.
Bayport Management will finance water and sanitation for low-income populations in Botswana, Zambia, Mozambique, Ghana, Tanzania and Uganda through a new loan. The $12 million in financing is being provided by WaterEquity, a facility designed to support institutions that finance water and sanitation projects around the world.
Mauritius-based Bayport Management will in turn make deduction loans to government officials in these seven countries through its subsidiaries, “for housing or home improvement purposes through improved water and sanitation services.”
WaterEquity’s financing will allow for the laying of new pipes to connect individuals to the various national water networks as well as the construction of boreholes. The five-year loans will also be used to build toilets with septic tanks to reduce open defecation.
In total, the projects in Botswana, Zambia, Mozambique, Ghana, Tanzania and Uganda are expected to benefit 200,000 people. “Our payroll credit model serves more than 500,000 clients in the seven African countries and two other Latin American countries,” says Bayport Management, which was founded in 2001.
In these countries, located in Southern, East and West Africa, water scarcity is a major concern. This situation is exacerbated by climate change, which is expected to worsen further according to the 6th report of the Intergovernmental Panel on Climate Change (IPCC).