Opic injects $200 million into investment firm Atlas Mara
The envelope will enable it to make acquisitions in the financial sector in Africa.The Overseas Private Investment Corporation (Opic) - a US government development agency -
recently announced it has allocated a $200 million (€182.3 million) funding to investment firm Atlas Mara.
It will fund two-thirds of a $300 million comprehensive program launched by Atlas Mara that is dedicated to acquisitions within Africa's financial sector.
The Opic explained that $130 million out of the $200 million envelope will be spent on "strategic acquisitions".
Part of the funds will also be allocated to developing the activities of its subsidiary BancABC, which is mainly active in southern Africa.
This comes after Atlas Mara announced on April 27th it was in exclusive negotiations for the acquisition of a 45 per cent stake in the Banque Populaire du Rwanda (BPR) for $22.5 million.
The investment firm has made a series of acquisitions in Africa in recent years. In December 2014, it increased its stake in Union Bank of Nigeria Plc to 29.9 per cent. It has also injected $210 million in ABC Holdings in Zimbabwe in October.
In a recent press release, the company said that its strategy was "to build a pan-African banking platform leader, in partnership with several banks and African entrepreneurs."