West African investment fund WAEMGF launched
A new regional fund has just been introduced to contribute to the financing of small and medium-sized enterprises (SMEs) in West Africa.A new regional fund has just been introduced to contribute to the financing of small and medium-sized enterprises (SMEs) in West Africa.
The West Africa Emerging Markets Growth Fund (WAEMGF), which has a portfolio of around €38.5 million, will target businesses with strong potential for growth in the region.
It will intervene mainly through acquisition of equities as a minority shareholder.
The aim is to "help regional champions emerge, create opportunities for the workforce and facilitate commercial transactions in West Africa", WAEMGF founder Michel Abrogoua told Les Afriques newspaper.
It is sponsored by the Ivory Coast firm Phoenix Capital Management SA and is supported by the African Development Bank (AfDB), the Development Investment Bank of the Economic Community of the West African States and a group of regional investors.
A few days earlier, AfDB and the Senegalese government signed a loan agreement of 20,20 billion FCFA (€30,8 million) to finance a programme to support reforms (PARE), Réussir Business newspaper reports.
The objective of the PARE is to contribute to the improvement of the financial governance and the promotion of SMEs.