AfDB Approves U.S.$50 Million Dollars Equity Investment in 8 Miles Fund

23 June 2010
Content from a Premium Partner
African Development Bank (Abidjan)
press release

The Board of Directors of the African Development Bank (AfDB) Group has approved today, 23 June 2010, in Tunis, an equity investment of USD 50 million in the 8 Miles Fund which aims to invest equity and quasi equity in Greenfield and Brownfield projects in Africa.

The 8 Miles Fund is a first generation multi-sector Pan-African private equity fund with a target endowment of USD 750 million. A majority of the Fund's investments will be in existing companies who need capital for expansion plans. The Fund's portfolio will include businesses in sectors that will grow from the expansion of Africa's economy and resource industries including: agribusiness, financial services, consumer goods and infrastructure.

The Fund is in line with the Bank's Private Sector Operations (PSO) strategy and its business plan for 2008-2010, which underscores the need to support sectors which have a strong impact on economic growth and poverty alleviation, as well as, regional integration.

With investments in agribusiness, financial services, energy, telecommunication and utilities throughout Africa; the Fund will contribute to job creation, income generation, poverty reduction and food security.

Contacts

Onike Nicol-Houra

Read the original article on African Development Bank (AfDB).

Tagged:
Copyright © 2010 African Development Bank. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 600 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.