Cardano Development

Cardano Development aims to improve the robustness and resilience of financial systems of developing and frontier countries through innovation in the area of finance and risk management. Our innovative approach focuses on eliminating unnecessary risks for small business entrepreneurs and farmers enabling their businesses to be more sustainable. 

Innovative interventions 

Cardano Development is a not-for-profit, independent foundation set up and supported by the Cardano Group. The foundation focuses on creating and developing new, but above all, practical and scalable solutions to mitigate extreme risks for end users in developing and frontier countries, such as currency risk, catastrophic risk or commodity price risks.

  1. Our role is three-fold.  Based on our existing work and contacts, we identify market gaps in the financial sector of developing countries. 
  2. We apply our expertise in risk and financial markets to develop useful and meaningful solutions that work. 
  3. And we use our network to create partnerships that can implement the solutions we create on a large scale.

Working together with the world’s leading development finance institutions, our approach has already supported over 1,500,000 small business entrepreneurs and some 17,000 farmers in developing markets.

Cardano Development and George Banda

Download the story of George Banda

Discover how our not-for-profit foundation, Cardano Development, has used innovations in strategic risk management to establish various initiatives that have created better circumstances for people in third world countries.

CardanoDevelopment_booklet_ Cardano Development
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Cardano Development

  • BIX

    BIX aims to reduce unhealthy domestic cooking and other practices and reduce carbon emission by distributing household appliances, such as improved cook stoves, via innovative risk solutions.

  • Water Finance Facility

    The Water Finance Facility (WFF) mobilises large-scale private investment from domestic institutional investors, such as pension funds and insurance companies, by issuing local currency bonds in the capital market to provide loans to water and sanitation companies in support of the investors’ own country's national priority actions on water and sanitation service delivery. The aim is to develop several country level water financing facilities, which can issue bonds in their capital markets to provide long-term loans to public or private water and sanitation companies.

  • GuarantCo

    GuarantCo encourages infrastructure development in low income countries through the provision of credit guarantees that enable infrastructure projects to raise debt finance.

  • Frontier Clearing

    The Frontier Clearing Corporation provides counterparty guarantees to (interbank) transactions in frontier markets based on local currency collateral, with the aim to improve export possibilities for local entrepreneurs.

  • ILX Fund

    ILX is setting up an emerging market focused private credit fund that will invest in a diversified portfolio of loan participations originated and structured by bilateral and multilateral Development Finance Institutions. These hard currency denominated loan participations provide medium and long-term finance to projects and companies across core sectors, such as: infrastructure, renewable energy, agribusiness, manufacturing and financial institutions.

  • TCX

    TCX provides currency hedging in frontier markets, to allow development finance in local currency.

To find out more about the work Cardano Development does in emerging and frontier economies, visit:

Cardano Development



How we have helped entrepreneurs manage their currency risks to help promote financial stability.

Cardano Development
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