EIB contributes to Angola SME fund

Mar 30, 2010

The European Investment Bank (EIB) will provide $6 million (€4.47 million) towards a $28 million First Private Equity Fund aimed at small and medium-sized enterprises (SMEs) in Angloa.

Known as Fundo de Investimento Privado Angola (FIPA), the fund will provide equity finance for enterprises operating in the country, which has had one of the fastest growing economies in the world for the past few years.

It will link local capital markers with international finance sources in order to provide the full $28 million to privately-owned firms. Vice President of the EIB Plutarchos Sakellaris said the bank is "pleased" to be working with FIPA on what is "a crucial issue for companies across Africa". "We welcome FIPA's significant contribution to Angola's economic development and long-term recovery," said Mr Sakellaris, who was appointed to his position in August 2008.

Along with the EIB, Danish International Investment Funds, Banco Privado Atlantico, Norfund and Banco Africano de Investimentos have also invested in the fund.