"Selected for scalability and impact, Broad Cove projects and initiatives reflect our unique capabilities in emerging markets and deep commitment to working in alignment with trusted local partners."
ENTERPRISE DEVELOPMENT NETWORK Promoting International Micro, Small, & Medium Business
From itís beginnings as a Broad Cove strategic consulting project, the Enterprise Development Network (EDN) has evolved into a far-reaching and effective partnership between the U.S. Overseas Private Investment Corporation (OPIC) and the private sector. OPIC, an independent agency of the U.S. government charged with facilitating the participation of United States private capital and skills in developing countries and areas, operates in over 150 countries. Over a period of five years, Broad Cove developed the business model, managed a pilot phase, and implemented the full EDN program. EDN now operates as a fully independent public-private partnership which greatly extends OPICís ability to provide financing and political risk insurance to micro, small and medium-sized enterprises (MSMEs) doing business in developing countries.
GHANA HOME LOANS LIMITED An African Home Mortgage Pioneer
Broad Cove was contacted in 2005 by a team of Ghanaians who had been struggling for two years to raise capital locally to establish Ghana's first true mortgage banking institution. The team had financial sector experience and a business plan, and was referred to Broad Cove for advice on strategies for mobilizing capital from the US market. Impressed by the team and the investment opportunity, Broad Cove joined the team as an first-round investor as well as business strategy and financial advisor. The result, Ghana Home Loans, is today the leading provider of home loans in one of Africa's most robust housing markets, fundamentally improving access to middle-class home-ownership in Ghana.By introducing conservatively underwritten fixed-rate residential loans to middle-income families in a country (and part of the world) where long-term mortgage financing is extremely rare, GHL makes it possible for credit-worthy Ghanaians to acquire completed single-family homes, avoiding the inefficient but common-pace process of building in fits and starts as cash is available.
In this role,
Broad Cove helped revise the strategy and financial plan, develop policies and procedures, and provide sufficient US equity investment to allow the company to secure an initial $30 million mortgage facility funded by the U.S. Overseas Private Investment Corporation (OPIC). Broad Cove continues to play an active role as a shareholders, Board-members, and advisors on the company's plans for growth in Ghana and expansion to other countries on the continent.
ECOHOMES LIBERIA Innovative Community Development Project
When Ellen Johnson-Sirleaf, Africa's first democratically-elected female head of state, put out the call in 2007 for a foreign partner to help Liberia rebuild the nation's housing stock after fifteen years of civil war, Broad Cove responded quickly with an ambitious vision: EcohomesLiberia. The project offers middle-income Liberians-- including many refugees abroad who wish to return home to re-unite with family and help rebuild-- the benefits of secure, newly-constructed, comfortable, eco-friendly and affordable housing in a country where most people lack potable water and electricity. Featuring renewable, energy-efficient construction materials produced locally to stimulate employment and import substitution, Ecohomes Liberia will showcase state-of-the-art 'green' technologies for waste-water and watershed management, solid-waste disposal, solar-electricity, transportation and recreation. Ecohomes first project, on 300 acres, was planned and designed by team led by Broad Cove along with a noted West African architect, a LEED-certified US environmental planner, and Liberian-based artisans, builders and engineers. The project offers Liberians affordable home-ownership in a community with a safe & healthy environment for families featuring modern amenities and social and recreational programs self-managed by a residents association. Broad Cove is the lead investor in the project, and we also mobilized start-up support from a European philanthropic foundation, equity co-investment from an American SRI fund, and senior-debt financing. Ecohomes Liberia sets the stage for what Broad Cove believes will be a series of transformational 'high-impact' residential development projects providing sustainable economic growth in low-income areas as the business model and technology are adapted to other areas across the African continent where land-owners, public agencies and business partners seek technical assistance and capital investment to help address the critical shortage of housing for the fast growing middle-income population.