The African Development Bank (AfDB) says it has approved 15
million dollars for equity investment in Verod Capital Growth Fund III, a
private equity fund for investments in high growth middle market companies.
million dollars for equity investment in Verod Capital Growth Fund III, a
private equity fund for investments in high growth middle market companies.
The bank said on Friday that the figure was approved by its
Board of Directors for companies in in Nigeria, Ghana, Liberia, Sierra Leone
and the Gambia.
Board of Directors for companies in in Nigeria, Ghana, Liberia, Sierra Leone
and the Gambia.
The bank said the fund’s investments would be in companies in
consumer driven sectors including light industrials, fast moving consumer
goods, education, financial services and agro processing.
consumer driven sectors including light industrials, fast moving consumer
goods, education, financial services and agro processing.
It also said the ticket size for each investment would be between
5 million dollars and 20 million dollars.
5 million dollars and 20 million dollars.
Mr Abdu Mukhtar, the African Development Bank’s Director of
Industrial and Trade Development, AfDB, said the fund would help accelerate
investments in small and medium scale enterprises (SMEs) in the West African
region.
Industrial and Trade Development, AfDB, said the fund would help accelerate
investments in small and medium scale enterprises (SMEs) in the West African
region.
“This is key to job and wealth creation, knowledge transfer and
scaling up of local businesses.
scaling up of local businesses.
“The Fund will provide an important vehicle to growing SMEs in
Africa, which are a key pillar to the continent’s industrialization drive,”
Mukhtar added, in a statement posted on the bank’s website.
Africa, which are a key pillar to the continent’s industrialization drive,”
Mukhtar added, in a statement posted on the bank’s website.
The fund’s target size is 150 million dollars.
