BOAD grants €2.3 million to an investment fund for African businesses
IPDEV 2 plans to launch ten investment funds across ten African countries.The Board of Directors of the West African Development Bank (BOAD) approved an equity investment of 1.5 billion CFA francs (€2.3 million) into the fund Investisseurs et partenaires pour le développement 2 (IPDEV 2).
This is an incubator of investment funds developed by French venture capital company Investors & Partners (I&P), according to Jeune Afrique.
IPDEV 2 plans to launch ten investment funds across ten African countries over the next decade to fund 550 new businesses and startups in the region.
The fund "is inching towards its first closing, amounting to eight million euros," said Paul Derreumaux Paul, founder of the Bank of Africa group.
Regional authorities also agreed to a loan program worth 81 billion CFA francs, including two refinancing lines in Mali for the same amount of 6.5 billion CFA francs established in favour of the Banque sahélo-sahérienne pour l’investissement et le Commerce Mali and the Malian Solidarity Bank.
The BOAD has also approved a budget of five billion CFA francs to support access to financial services in Togo.