Saturday, April 20, 2019 UTC

AGF Magazine - April 2019 issue

  • In a region where only a minority of the population has access to a bank account and SMEs struggle to get financial help from traditional banks, Albert Alsina, CEO and Founder of Mediterrania Capital Partners, explains how the PE industry is becoming a catalyst for the African Fintech ecosystem’s development, enabling large-scale banking and supporting entrepreneurs and SMEs in their expansion plans (pp. 10-12).
  • In this month’s issue of Africa Global Funds, we also caught up with Kenneth Kaniu, Britam Asset Managers CEO, to learn about their anchor investment in Tiserin Capital, and the needs and constraints of institutional investors in Kenya and East Africa (pp. 14-15).
  • On the infrastructure front, we hear from Moritz Breickmann, Investment Director at African Infrastructure Investment Managers (AIIM) who showcases some successful airport redevelopments in Africa. Read on to find why airport infrastructure projects on the continent can provide attractive long term returns to investors (p.17).
  • In this month’s issue we also learn that the FTIF Templeton Africa Fund was merged into the FTIF Templeton Frontier Markets Fund. We speak with Ahmed Awny and David Haglund about the Fund and its African investments (p.16).
  • Finally, Rob Childs, Head of International for Prescient Fund Services shares his views on the global distribution challenges facing African fund managers and why the firm decided to domicile their offshore fund range in Ireland (p. 22).
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News > Investors

EIB commits $15m to AIF I

Anna Lyudvig
April 9, 2019, 1:17 p.m.
820

Word count: 352

The European Investment Bank (EIB) has signed a commitment of $15m with the SPE Africa Industrialization Fund I (AIF I), which seeks to contribute to the development of the private sector in North Africa. 

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The European Investment Bank (EIB) has signed a commitment of $15m with the SPE Africa Industrialization Fund I (AIF I), which seeks to contribute to the development of the private sector in North Africa. 

The EIB commitment was signed under the Southern Neighbourhood Private Equity Risk Capital Facility, a €71.3m facility which aims to support private equity fund investments in the Southern Neighbourhood countries. 

The facility blends the EIB’s own resources with European Commission resources under the Neighbourhood Investment Facility.

“In the context of the Southern Neighbourhood Private Equity Facility, the European Investment Bank seeks to support private equity investments in the Southern Neighbourhood countries. The Bank’s equity participation in the Africa Industrialization Fund I is a good example,” a spokesperson from the European Investment Bank Press Office told Africa Global Funds.

“The Fund will target investments in small and medium-sized companies with high potential to grow and become regional players. Improving access to equity and debt financing is essential in North Africa, It plays an important role in job creation.“ 

AIF I is a generalist private equity fund targeting primarily growth capital investments in SMEs and mid-market companies mainly in North Africa, with a focus on Egypt, Morocco and Tunisia. 

The fund’s first closing reached $80m.

The fund manager, SPE Capital Partners, will adopt a hands-on value-adding investment strategy and will seek to acquire equity stakes in enterprises with robust growth potential in important sectors such as education, healthcare, manufacturing and services to meet their investment needs.

The fund’s portfolio companies are anticipated to grow regionally and contribute to strengthening trade between northern and sub-Saharan African countries, while creating over 1,000 direct new jobs.

The Risk Capital Facility for the Southern Neighbourhood (RCF-SN) provides access to equity and debt financing to SMEs in the Mediterranean region in order to support private sector development, inclusive growth and private sector job creation. 

Set up by the European Commission and the EIB, the RCF-SN builds on the success of the ENPI-FEMIP Risk Capital Mandate 2007-2013, which was fully deployed despite the unprecedented geopolitical turmoil in the target region. 

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