Following Huruma’s success story in India, Kuali Fund launched to drive climate-resilient finance in India
New Delhi, October 14, 2025. COFIDES, together with the European Union, GAWA Capital, and the Embassy of Spain, officially launched the Kuali Fund in India. A new innovative impact investment vehicle, Kuali Fund seeks to mobilize over EUR 200 million to accelerate the transition towards low-carbon economy and to strengthen climate resilience among vulnerable communities in India, Latin America, and the Caribbean.
In India, Kuali aims to reach over 250,000 smallholder farmers and innovative SMEs, while avoiding more than 1.2 million tons of CO₂ emissions over the next decade. India represents a cornerstone of Kuali’s strategy—not only due to its scale and climate vulnerability, but also because of its vibrant entrepreneurial ecosystem and strong potential for replicable climate innovation. By anchoring a significant share of the portfolio in India, Kuali enhances its geographic and sectoral diversification, catalyzes inclusive growth, and broadens exposure to a dynamic ecosystem of climate solution providers.
This follows the success and experience of the Huruma Fund which pioneered financing for smallholder farmers and agri-SMEs traditionally excluded from the financial system across Latin America, Africa, and Asia, including India. The new fund was announced at the conference “Inclusive and Green Finance in India for Smallholders and SMEs: Lessons Learnt and Opportunities from European Funded Instruments.” Both Huruma and Kuali illustrate the power of combining public and private resources to create measurable impact in the agri-food sector and beyond.
Announcing the launch of the Kuali Fund in India, Luca Torre, Co-CEO, GAWA Capital said “the Kuali Fund has been set up with the objective of investing in companies that help vulnerable communities become more climate resilient. Leadership and support of the European Commission, COFIDES, AECID, and the Green Climate Fund have been essential behind setting up of the Kuali Fund. Special thanks to our Indian partner, Small Industries Development Bank of India (SIDBI) – whose collaboration will be key to bringing this initiative to life on the ground.”
During the Fireside Chat on Climate Change Challenges and Opportunities, José Carlos Villena, Director of Development Finance at COFIDES, highlighted the importance of stronger cooperation between European and Indian partners to bridge the climate finance gap, particularly in adaptation. He emphasized that “public–private partnerships are fundamental to making climate finance work on the ground.” Villena underscored that “development finance institutions must design structures that align public objectives with private incentives — leveraging instruments such as the Huruma and Kuali Funds — to channel investment towards adaptation.” He concluded by noting that “collaboration between Europe and India is essential to transform this shared vision into tangible, lasting impact for local communities.”
BUILDING ON SUCCESS: THE HURUMA FUND AND INDIA
The launch also highlighted experiences from the Huruma Fund, which has successfully pioneered inclusive financing for smallholder farmers and agri-SMEs. Managed by GAWA Capital and supported by the European Union, Spanish Cooperation, and COFIDES, Huruma operates across Latin America, Africa, and Asia.
India has emerged as the Fund’s largest exposure country, representing 28.2% of its total investments, more than EUR 28 million across three equity operations. Through Huruma, thousands of Indian smallholders have gained access to resources that improve productivity, resilience, and sustainability, advancing inclusive rural development.
TEAM EUROPE-INDIA COOPERATION
The conference “Inclusive and Green Finance in India for Smallholders and SMEs: Lessons Learnt and Opportunities from European Funded Instruments” underscored the growing collaboration between Team Europe and India, showcasing how European blended finance instruments are fostering sustainable development and climate adaptation, supporting smallholders in India rural areas and help creating green jobs.
The event brought together representatives from the Government of India, the European Union, the Embassy of Spain, the Green Climate Fund, Development Finance Institutions such as PROPARCO, International Finance Corporation (IFC) and SIDBI, technical agencies including GIZ, and and local financial institutions such as Sindhuja and Pahal. SIDBI (as Accredited Entity of GCF) and Kuali Fund are collaborating to enable SMEs and Climate focused financial institutions expand their green horizon by availing equity capital and technical assistance. Kuali will complement GCF funded Financing Mitigation and Adaptation Project (FMAP project) being executed by SIDBI to scale up funding to MSMEs in mitigation and adaptation aligned areas.
ABOUT COFIDES
COFIDES is a state-owned trading company that manages financial funds from the Spanish State, as well as its own resources and those of third-party institutions with various objectives: the internationalization of the Spanish economy, the attraction of foreign investment into strategic sectors in Spain, the promotion of the impact economy in Spain, and the contribution to the development of the countries in which it invests. In addition to the State, which holds a majority position, other shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell, and CAF–Development Bank of Latin America.
ABOUT THE EUROPEAN UNION (EU) The European Union (EU) is a unique political and economic union between 27 European countries, established to foster economic cooperation, promote peace and stability, and enhance the well-being of its citizens. Founded on the principles of democratic governance and the rule of law, the EU is dedicated to improving the lives of its approximately 450 million inhabitants by implementing policies that cover a wide range of areas including trade, security, environment, and human rights. Championing policies that address environmental challenges and promote green growth, the EU strives to lead the transition to a sustainable future, demonstrating its commitment to both current and future generations.
EU-India relations: For over 60 years, the European Union and India have collaborated to reduce poverty, prevent disasters, protect human rights, expand trade, and promote joint research in areas such as energy, health, agriculture, and many other fields of mutual interest. More information at: http://eeas.europa.eu/delegations/india
INCLUSIVE AND GREEN FINANCE IN INDIA FOR SMALLHOLDERS AND SMEs: LESSONS LEARNT AND OPPORTUNITIES FROM EUROPEAN FUNDED INSTRUMENTS
Practical insights: Huruma Fund & Kuali Fund
The objective of this event is to bring together stakeholders from both the public and private sectors with experience in supporting the inclusive development of SMEs and smallholder farmers in India, with a special focus on green and climate finance.
As the central theme of the event, the experience of the Huruma Fund in India will be showcased, alongside the formal launch of the new Kuali Fund. Both funds, managed by GAWA Capital, are backed by the Spanish Cooperation, the European Union, and the Green Climate Fund. The EU’s contributions to both funds, as well as the GCF’s support to the Kuali Fund, include first-loss capital tranches and dedicated Technical Assistance facilities.
13:45 – 14:10 Welcome remarks Ms. Myriam Ferran, INTPA Deputy Director General, European Commission. Mr. Antón Leis, Director, AECID (video). Mr. Henry González, Chief Investment Officer, Green Climate Fund (video).
14:10 – 14:30 Opening session Ms. Shweta Kumar, Director, Ministry of Environment, Forest and Climate Change, Government of India. Ms. Lucia Paternina, Chief Economic and Commercial Counsellor, Embassy of Spain.
14:30 – 14:45 Keynote speech Dr. R.K. Singh, Chief General Manager and Vertical Head, Green Climate Finance Vertical, SIDBI.
14:45 – 15:15 European funded instruments in practice: Building on Huruma Fund, moving forward with Kuali Fund. Mr. Luca Torre, Founder and co-CEO, GAWA Capital. Mr. Malkit Didyala, Co-founder, Sindhuja Microcredit. Ms. Cristina Vicente, Program Manager, INTPA, European Commission (online).
15:15 – 15:30 Coffee break
15:30 – 16:30 Panel Discussion: Agri and Climate Tech – Transforming sectors through technology and its potential links with finance. Moderator: Mr. Avishek Gupta, Head of Asia, GAWA Capital. Panellists: Ms. Diane Jegam, Regional Director, PROPARCO. Mr. Vijayasekar Kalavakonda, Senior Operations Officer, IFC. Mr. Sandeep Bhattacharya, Advisor – Climate Change, GIZ. Ms. Purvi Bhavsar, Founder and Managing Director, Pahal.
16:30 – 16:50 Fireside Chat. Climate Change challenges and opportunities. Mr. José Carlos Villena, Director of Development Finance, COFIDES. Mr. Bartosz Przywara, Energy, Climate and Environment Counsellor, EU Delegation to India. Mr. Laurent Le Danois, Team Leader, EU Delegation to India.
Vote of thanks/closing remarks by Mr. José Carlos Villena, Director of Development Finance, COFIDES.
Madrid, February 24, 2025. GAWA Capital and Pahal Financial Services require consultancy for the development and implementation of innovative and tailored Agri-financing solutions for Pahal to improve its product and service offerings to farmers, in relation to the Technical Assistance Facility (TAF) of the Huruma Fund.
Two electronic independent pdf files (Technical Proposal and Financial Proposal) must be sent by email in password-protected PDF format (to ensure the transparency of the process) before 17th March 2025 at 14:00 (CET time). Proposals received after the deadline will not be accepted.
A member of the Pahal team poses in front of one of the organization’s posters
It is a challenge for farmers in India to ensure financial security and livelihoods through agriculture. This is due to the small size of the land and other barriers such as limited access to information, expertise and resources. As climate-related weather risks become more complicated and unpredictable, this challenge is stepped up.
In addition, current agricultural practices have raised serious sustainability issues. The Intergovernmental Panel on Climate Change (IPCC) reports that agriculture, forestry and other land uses accounted for 23% of total anthropogenic GHG emissions between 2007 and 2016. The effects of climate change have in turn threatened agricultural productivity due to rising average temperatures, pressure on water resources, land degradation and soil health, as well as frequent attacks by pests and diseases, leading to a decline in crop productivity and livestock resources.
WayCool has developed a holistic, all-in solution that addresses the above challenges with a focus on farmer clusters. The proposed program, called the Cluster Development Program (CDP), has been put into place with a view to enabling the farming community to overcome the challenges of farming by influencing behavioral change and building capacity through access to information, technical knowledge and resources, along with a technology support and advisory system.
Interventions designed under the CDP program not only result in higher crop yields and sustainable livelihoods for farmers, but also improve the resilience of agriculture to the effects of climate change and thus contribute to achieving regional food security.
The aim of the Cluster Development Program is to support farmers to produce sustainably and work with them over the long-term to supply high quality, traceable and safe products to end consumers, with minimal environmental impact. Agricultural practices such as regenerative agriculture, agroforestry and water harvesting will be recommended. The program aims to assist farmers more closely to make this change successful and create a measurable impact not only on their soil and water resources, but also in terms of their net income, yield and cost of cultivation.
Core CarbonX has been selected as the supplier of the first activity of the project to mobilize and incorporate farmers into the clusters.
Country: India
Total Project Amount: EUR 685,596
Financing TAF Huruma: 100% (WayCool contributes in kind)
Area of intervention: Value chain upgrading
Status: In progress
Project start / end date: March 2024 / November 2026
• Co-financed by the European Union, FONPRODE, COFIDES and private investors
• Sindhuja Microcredit to provide loans to low income households and especially stands to benefit farmers and women
Noida, April 2, 2024. The Huruma Fund, managed by GAWA Capital and financed by the European Union, AECID (through FONPRODE funding), COFIDES, and private investors, has completed its third investment in India by acquiring a minority stake in the microfinance institution Sindhuja Microcredit to the tune of 8 million euros.
Sindhuja provides loans to low-income households and has extensive reach to women and farmers, also increasing exposure to the micro, small, and medium enterprise sector. Created in 2018, Sindhuja is present in nine states in northern India with a network of more than 220 branches and a high growth potential in disadvantaged areas. It supports more than 300,000 female clients and aims to reach more than 2.5 million by 2025.
AGRICULTURAL PRODUCT DEVELOPMENT
Sindhuja has quickly become established as one of the fastest expanding microfinance institutions in India, achieving significant growth in just 5 years. The entity aims to launch a specific individual product for small agricultural producers and hopes to serve more than 1 million farmers by 2028.
GAWA Capital’s Head of Investments, Tomás Ribé, stated: “We are very happy to partner with Sindhuja and support them in their expansion into new geographies and products. We believe that Sindhuja can provide the necessary access to agricultural financing for smallholder farmers, a highly under-served segment in India”.
COFIDES’s Head of Partnerships for Development, José Carlos Villena, stated: “The Huruma Fund’s investment in this highly digitalized financial institution is aligned with the priorities of Spanish Cooperation, since it will especially contribute to supporting the launch of individual credit products, thus improving access to financing for women in rural areas (100% of clients)”.
Welcoming the equity investment in Sindhuja, Ambassador of the European Union Delegation to India, Herve Delphin, said: “Huruma Fund illustrates perfectly how #TeamEurope deploys innovative financing mechanisms to attract much needed private investments in partner countries. Experience has shown that EU contributions, by providing guarantees and reducing investors’ risks, allow to scale up funding by a ratio 1:9. We are proud that this serves an investment that will eventually facilitate access to finance of small farm holders, especially women, so they can expand their activities and improve their income”.
ABOUT THE HURUMA FUND
The Huruma Fund is the first project led by COFIDES within the framework of agriculture blending facilities in the European Union. Managed by GAWA Capital, it has 120 million euros contributed by the European Union, FONPRODE (the Development Promotion Fund) of the Spanish Agency for International Development Cooperation (AECID), COFIDES and private investors, thanks to the collaboration of CaixaBank Private Banking, which has distributed the fund through its national network. The objective is to provide access to loans to farmers in underserved rural areas in Latin America, the Caribbean, Sub-Saharan Africa and Asia. It includes a Technical Assistance Facility (TAF) to provide consulting services and training related to agriculture, and to help improve the entities the Fund invests in, enhancing the impact on excluded rural populations.
ABOUT GAWA CAPITAL
Established in 2010, GAWA Capital is the leading Spanish firm in impact investing, having mobilised over 204 million euros in public and private investments. Its objective is to improve the lives of low-income communities by promoting investing in social enterprises, while providing their investors with a financial return. GAWA was a pioneer in the introduction of impact investing in Spain, launching three funds which invest in emerging countries with an inclusive approach to market solutions for social issues.
ABOUT COFIDES
COFIDES is a state-owned enterprise specialized in the management of State funds that provide medium- and long-term financing for private investments linked to different public policy purposes. COFIDES directly manages funds aimed at supporting the internationalization of Spanish firms, strengthening the solvency of companies severely affected by the COVID-19 pandemic, to attract foreign direct investment into Spain through co-investment deals and to contribute to the growth of the impact investment ecosystem in Spain. In addition, COFIDES supports the management of the financial cooperation portfolio of the Spanish Agency for International Development Cooperation, promoting sustainable development in emerging economies and developing countries. In the ownership structure of the Company, the Spanish State holds 53% of the equity. The remaining 47% is held by Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).
ABOUT THE EUROPEAN UNION (EU)
The EU, which consists of 27 countries, has the world’s largest economy and its third largest population, after China and India. Though richly diverse, the countries that make up the EU (its ‘Member States’) are all committed to the same basic values: peace, democracy, the rule of law and respect for human rights. They have set up common institutions so that decisions on matters of joint interest can be made democratically at the European level. By creating a frontier-free single market and a single currency (the euro) which has been adopted by 20 Member States, the EU has given a significant boost to trade and employment. It is also at the forefront of policies on sustainability.
This press release was produced with the financial assistance of the European Union. The views expressed herein can in no way be taken to reflect the official opinion of the European Union.
Madrid, November 15, 2023. GAWA Capital requires consultancy services to implement a technical assistance programme for farmers: farmer mobilization and onboarding of a cluster development program in relation to the Huruma Fund Technical Assistance Facility. For the purposes of this call for tenders, GAWA is publishing this call for tenders using the simple public tender procedure, in accordance with the attached documentation.
All proposals must be sent, in English, to the following e-mail address: tafhuruma.waycool@gawacapital.com. Proposals sent by any other means will not be considered.
Technical and financial proposals must be sent by email in password-protected PDF format (to ensure the transparency of the process) before 13th December 2023 at 14:00 h (CET time). Proposals received after the deadline will not be accepted.The password will only be sent after 14:01 h (CET time) on 13th December 2023 to the same address to which the proposal was sent. Those proposals whose password is sent beforehand will not be accepted.
A group of women and members of Gawa Capital and Pahal during a meeting.
Madrid, April 11, 2022.- The Huruma Fund, managed by GAWA Capital and financed by the European Union, FONPRODE, COFIDES and private investors, has completed its second capital investment in India by acquiring a minority stake in the microfinance institution (MFI) Pahal, amounting to 6 million euro.
Pahal provides loans to low-income households with a strong impact on women and farmers. Created in 2011, it is currently present in seven states in Central India, with a network of 201 branches and a high penetration potential. In 10 years, it has supported over 800,000 households in marginalised communities.
DEVELOPMENT OF CUSTOMISED AGRICULTURE LOANS
Pahal has become one of the fastest growing MFIs, efficiently rising in a short time given its strong technological focus. Transforming the finance of underserved markets, Pahal aims to reach 2 million customers by 2025.
Two people on a family livestock farm in India.
The Huruma Fund supports Pahal to strengthen its farming business strategy, promoting the launch of a specific agriculture product that will enable them to serve over 700 agricultural producers and 700,000 farmers.
Pahal’s environmental strategy actions have been focused on increasing digitalization to reduce paper waste and promoting recycling. In the coming years, with the support of Huruma, Pahal will work towards the development of a formal environmental policy and performance system, including specific goals and KPIs to monitor its environmental impact.
A group of women during a meeting with members of Gawa Capital and Pahal.
The Director of Investments at GAWA Capital, Tomás Ribé, states that, “This investment fits the Huruma Fund objectives with the strong impact of financing on smallholder farmers and producer organisations through a sound entity with a huge growth potential.”
The Chairman of COFIDES, José Luis Curbelo, highlights, “The Huruma fund is an example of the need to combine resources for a common goal: achievement of the SDGs with private sector involvement in areas that support sustainability.
ABOUT THE HURUMA FUND
The Huruma Fund is the first project led by COFIDES within the framework of agriculture blending facilities in the European Union. With the advice of GAWA Capital, it has 120 million euros contributed by the European Union, FONPRODE (the Development Promotion Fund) of the Spanish Agency for International Development Cooperation (AECID), COFIDES and private investors, thanks to the collaboration of CaixaBank Private Banking, which has distributed the fund through its national network. The objective is to provide access to loans to farmers in underserved rural areas in Latin America, the Caribbean, Sub-Saharan Africa and Asia. It includes a Technical Assistance Facility (TAF) to provide consulting services and training related to agriculture, and to help improve the entities the Fund invests in, enhancing the impact on excluded rural populations.
ABOUT GAWA CAPITAL
Established in 2010, GAWA Capital is the leading firm in impact investing in Spain, having mobilised over 195 million euros in public and private investments. Its objective is to improve the lives of low-income communities by promoting investing in social enterprises, while providing their investors with a financial return. GAWA was a pioneer in the introduction of impact investing in Spain, launching three funds which invest in emerging countries with an inclusive approach to market solutions for social issues.
ABOUT COFIDES
COFIDES, a State-owned company engaging in the management of State and third-party as well as its own funds, pursues a number of aims: internationalisation of Spain’s economy, furtherance of economic development and fortification of the solvency of companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).
This press release was produced with the financial assistance of the European Union. The views expressed herein can in no way be taken to reflect the official opinion of the European Union.
Beneficiaries of the Huruma Fund investment through the WayCool project together with a member of Gawa Capital.
Madrid, February 21, 2022.- The Huruma Fund, managed by GAWA Capital and financed by the European Commission, FONPRODE, COFIDES and private investors and savers, has formalised its first capital deal in India through an investment of 10 million euros in WayCool Foods.
WayCool Foods is one of the largest and most widespread agri-food companies in India. It is an agri-tech company, which processes, distributes and supplies staple dairy products and fresh produce. Focusing on food processing and marketing, WayCool uses innovative technology to expand and manage the complex agricultural supply chain, from production to sale.
STRENGTHENING THE FOOD CHAIN IN INDIA
The Huruma Fund investment will be used to accelerate WayCool’s business plan, leveraging technology and automation to improve efficiency. The objective of the investment is to strengthen the Company’s leadership in the development of a more sustainable farming value chain. Through its programme Outgrow, Waycool offers farmers comprehensive extension services, which help reduce input costs and improve farming practices thereby lowering production costs while enhancing the quality of the products. As a result, smallholders’ income is expected to increase by over 10%.
A farmer at work in an agricultural field in India.
WayCool has a broad range of products in various channels, serving over 1,000 customers and working with over 85,000 farmers through the Outgrow programme. The Company already operates in 6 states with more than 40 distribution centres, and has recently entered the Middle East market.
The joint CEOs of GAWA Capital, Agustín Vitórica and Luca Torre, point out that, “We are very proud of supporting the breakthrough being led by WayCool, increasing the revenue of smallholder farmers, reducing food waste and providing more nutritious food to some of the most vulnerable people in India”.
Workers unloading vegetables at a distribution center in India.
The Chairman of COFIDES, José Luis Curbelo, highlights, “The Huruma Fund and the accompanying technical assistance funds, are helping to improve financial inclusion, thus enabling greater economic and environmental sustainability”.
ABOUT THE HURUMA FUND
The Huruma Fund is the first project led by COFIDES within the framework of agriculture blending facilities in the European Union. With the advice of GAWA Capital, it has 120 million euros contributed by the European Union, FONPRODE (the Development Promotion Fund) of the Spanish Agency for International Development Cooperation (AECID), COFIDES and private investors, thanks to the collaboration of CaixaBank Private Banking, which has distributed the fund through its national network. The objective is to provide access to loans to farmers in underserved rural areas in Latin America, the Caribbean, Sub-Saharan Africa and Asia. It includes a Technical Assistance Facility (TAF) to provide consulting services and training related to agriculture, and to help improve the entities the Fund invests in, enhancing the impact on excluded rural populations.
ABOUT GAWA CAPITAL
Established in 2010, GAWA Capital is the leading firm in impact investing in Spain, having mobilised over 195 million euros in public and private investments. Its objective is to improve the lives of low-income communities by promoting investing in social enterprises, while providing their investors with a financial return. GAWA was a pioneer in the introduction of impact investing in Spain, launching three funds which invest in emerging countries with an inclusive approach to market solutions for social issues.
ABOUT COFIDES
COFIDES, a State-owned company engaging in the management of State and third-party as well as its own funds, pursues a number of aims: internationalisation of Spain’s economy, furtherance of economic development and fortification of the solvency of companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).
This press release was produced with the financial assistance of the European Union. The views expressed herein can in no way be taken to reflect the official opinion of the European Union.
WayCool Foods is one of India’s largest and fastest growing agribusiness companies. Focused on food development and distribution, the company leverages innovative technology to scale and manage the complex agricultural supply chain from cultivation to sale.
WayCool has a wide range of products across multiple channels, serving over 1,000 customers and working with over 85,000 farmers through its Outgrow programme. La empresa ya opera en seis estados con más de 40 centros de distribución, entrando recientemente en el mercado de Oriente Medio. Advanced technology and a push for its own brands has enabled WayCool to increase its revenue x4 and its customer base x10.
Huruma’s investment will be used to accelerate WayCool’s business plan, leveraging technology and automation towards efficiency improvements The investment aims to strengthen WayCool’s leadership in building a more sustainable supply chain.
WayCool has implemented environment policies covering energy, water and waste, setting quantitative objectives to manage these areas. The institution seeks to reduce the negative externalities inherent to its activity by progressively implementing an Environmental and Social Management System (ESMS) with the support of external consultants and by increasing direct supply from farmers.
Country: India
Inversión: EUR 10 million
Investment type: Equity
Technical assistance: Pending confirmation
Fecha inversión: December 2021
Huruma: Transforming Lives
Huruma’s investment in WayCool aims to transform the lives of smallholder farmers through the following theory of change:
Input: EUR 10 MM equity for an Agribusiness.
Output: Expansion and business plan development of an Agribusiness.
Outcome: Increase supply from farmers to >60% and >10% farmers’ income*.
(*) Metrics calculated on the basis of the study estimates “Understanding Impact Performance: Agriculture Investments” (GIIN, 2020)
Pahal is a Microfinance Institution (MFI) that provides loans to low-income households with a strong outreach to women and farmers. Launched in 2011, it is currently present in 7 states of central India with a network of 201 branches and high penetration potential. In 10 years, it has supported more than 800,000 households in marginalised communities.
Pahal has become one of the fastest growing MFIs, scaling efficiently in a short period of time due to its strong technological focus. Transforming finance in underserved markets, Pahal aims to reach 2 million clients by 2025.
Pahal’s environmental strategy has been enhanced by the launch of two products that promote sustainability among female groups: solar-lights and clean water & sanitation financing. Internal actions have been focused on increasing digitalization to reduce paper waste and promoting recycling.
In the coming years, Pahal should be aiming to develop a formal environmental policy and performance system, including specific goals and KPIs to monitor its environmental impact.
Country: India
Investment: EUR 6 million
Investment type: Equity
Technical assistance: Pending confirmation
Date of investment: Jan-22
Huruma: Transforming Lives
Huruma’s investment in Pahal aims to transform the lives of smallholder farmers through the following theory of change:
Input: EUR 6 MM focused on agricultural financing.
Output: Increase its agri-portfolio x4 and its outreach to active farmers by x3.
(*) Metrics calculated on the basis of the study estimates “Understanding Impact Performance: Agriculture Investments” (GIIN, 2020)
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