AfricInvest III: €154 million to finance sub-Saharan SMEs
Tunisian investment fund AfricInvest has announced the first closing of its third pan-African fund, which will finance small and medium-sized enterprises (SMEs).Tunisian investment fund AfricInvest has announced the first closing of its third pan-African fund, which will finance small and medium-sized enterprises (SMEs).
Based in Mauritius, AfricInvest III has raised €154 million from several development finance institutions and private investors, including the CDC and the International Finance Corporation, Jeune Afrique reports.
The final closing of the new fund is expected next year, with a view to reaching €200 million.
AfricInvest III will invest between €5 million and €20 million in the capital of sub-Saharan SMEs. This amount could rise up to more than €50 million as part of an investment package with other financiers.
"The fund targets all sectors with a priority for financial services, consumer goods, education or health," Skander Oueslati, co-leader of sub-Saharan activities, told Jeune Afrique . Two initial investments should be made by the end of the year.