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Franco-African alliance launches €77 investment for SMEs

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Monday, 23 January 2017

Franco-African alliance launches €77 investment for SMEs

Group of French and African private and public sectors investors have launched a €77 million investment fund to support investments in Small and Medium Enterprises (SMEs) in Africa and France, the first of cross-border investment fund dedicated to the development of African and French SMEs. The Franco-African Investment Fund (FFA), with investible funds of 77 million euro is aimed at accelerating the growth of innovative and entrepreneurial African and French SMEs with development projects on both continents. FFA will have a lifespan of 10 years. Investors in the FFA included Societe Generale Orange, BpiFrance, Africinvet, Caisse Nationale de Prevoyance Sociale of CDI, Proparco (AFD), SAHAM from Morocco, Financecom, the pension fund of the Central Bank of Kenya, other private investors in Kenya and United Capital Plc, a publicly quoted Nigerian company. The fund is sponsored by BpiFrance and Africinvet. United Capital is a limited partner on the FFA. Beyond financial performance, particular attention will be paid to the positive impact of the Fund’s investments in terms of governance, transparency, job creation, and respect for social and environmental values. The Fund will be split into half, with 50 per cent to be invested in French SMEs, who have interest in doing business in and with Africa, and the other 50 per cent will be invested in African SMEs. FFA will invest primarily in African SMEs with high growth potential in order to create champions of regional and even continental statures. Beyond capital contribution, the Fund managers will assist French companies to grow in Africa and, conversely, African companies in their growth strategy in France and Europe The agreement to set up the fund was signed in Bamako, Mali at the sideline of the Franco-African Summit, which was witnessed by the Malian President Ibrahim Boubacar Keita, French President Francois Hollande, amongst other global leaders in the private and public sectors.

Source: thenationonlineng.net