Business funding pledged for East Africa

Jan 27, 2010

A new funding scheme announced by Fanisi Venture Capital Fund could benefit small businesses and start-ups in East Africa.

The initiative - backed by the International Finance Corporation - is aimed at helping enterprises in the information communication technology, agriculture, tourism, commercial property and financial services sectors.

In addition, the fund is anticipated to invest between $500,000 (€360,000) and $3 million in African entrepreneurs and businesses – following its formation last year by Amani Capital Limited, a Norwegian investment fund.

Moreover, the money may comprise of growth capital infusion or buyouts of established enterprises and start-ups located in Uganda, Tanzania, Kenya and Rwanda.

Regarding the news, Jean Philippe Prosper, Southern Africa Region Director at the International Finance Corporation, stated: "Fanisi's support for start-ups and small-to-medium sized enterprises will be crucial for the sustained development of the East African corridor."

Meanwhile, SIMTEL recently hinted that it is developing visa chip card payment systems in Rwanda, according to East African Business Week.