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Regional Education Finance Fund for Africa (REFFA)

  • Invest in future generations
  • First regional education finance fund for Africa
  • A KfW initiative on behalf of BMZ*

Fund documents

Our investment goals and strategy

Access for all

The fund supports the improvement of quality and affordability of education across Africa. It aims to provide equal access to secondary, vocational, and higher education, thus positively impacting future generations.

Responsible support

We respond to demand in the education sector in a sustainable and socially responsible way by supporting customised financial services.

A wide reach

As the first regional educational fund of its kind for Africa, the scheme is already reaching thousands of education providers, learners, and students – making a real, tangible difference.

Fund characteristics

Fund inception December 2016
Asset class Private debt (blended finance)
Status Fundraising
Target return* 6 month SOFR + 1.85%
Liquidity Closed-end
NAV frequency Quarterly
Domicile and legal structure Luxembourg, SICAV-SIF, S.A.
SFDR classification Article 9
Investment manager BlueOrchard Finance Ltd
Depositary Citibank Europe Plc Luxembourg
Administrator Citibank Europe Plc Luxembourg
Technical assistance Financed by KfW on behalf of BMZ
Backed by KfW Entwicklungsbank
*Federal Ministry for Economic Cooperation and Development (BMZ)
**All investments involve risk. We note specifically that past performance is not an indication of future results.
External fund website:

SDGs addressed

Core SDGs

Aligned SDGs

Core SDGs: Core SDGs are those that address the impact intent and/or sustainability investment objective of a given fund.
Aligned SDGs: Aligned SDGs are those that the fund’s investees promote through responsible ESG management practices.

Impact KPIs

Figures as of 30 June 2022
Total education finance portfolio
Education providers reached
Learners and students reached
Impact reports & disclosures

2022 REFFA Impact Report

2021 REFFA Impact Report

2020 REFFA Impact Report

2019 REFFA Impact Report

SFDR-related disclosures (investor information - password protected)

SFDR Pre-contractual Disclosure

SFDR Website Disclosure (article 10)

SFDR Periodic Disclosure

Statement on Principal Adverse Impacts of Investment Decisions on Sustainability Factors


Business Development
General inquiries
Magnus Weikert
Senior Vice President Nordics
Business Development
EU inquiries
Thomas R. Henauer
Business Development Director, DACH region
Business Development
EU inquiries
Camille Loubignac
Vice President Business Development

Demand-driven education finance

How Lethsego Botswana is cooperating with REFFA's TAF

The objective of the REFFA technical assistance facility (TAF) is to strengthen the capacity of REFFA partner institutions to provide demand-oriented financial services to the education sector. To achieve this, REFFA investees are strengthened in their capacity to develop and implement demand-oriented education loan and savings products, pursuing both economic and social objectives. One of the REFFA investees benefitting from TAF is Letshego Botswana, a credit-only microfinance institution. The institution intends to offer dedicated loans to private education providers and customised tuition loans to parents. The TAF supports Letshego in market assessment and feasibility, as well as in developing new products and improving existing ones.

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