The Board of Directors of the African Development Bank (AfDB) approved on 16 November an equity investment of €5 million in Cauris Croissance II, a ten year life, second generation Private Equity Fund, targeting a €60 million total capitalization. The Fund will invest in Francophone West Africa including Burkina Faso, Benin, Cote d'Ivoire, Guinée Conakry, Mali, Niger, Senegal and Togo in key sectors with regional expansion potential such as financial services, general manufacturing and services, Information and Communications Technologies, infrastructure service industries.

The AfDB's €5 million investment in Cauris Croissance II will improve access to finance for enterprises with regional growth potential in Francophone West Africa, which remains even more underserved than the rest of Africa in terms of equity financing, especially in the low income countries and Fragile States targeted by the Fund. By providing technical assistance to the investee companies, the AfDB's investment will contribute to regional capacity building.

Cauris Croissance II Fund is a limited company registered in Mauritius and advised by Cauris Management based in Lomé, Togo with also an office in Abidjan, Cote d'Ivoire. Cauris Management, operating in the market for more than ten years, has developed an important network in the targeted countries is familiar with the region and the risks and opportunities it presents.

From 1999 to 2009, the aggregate number of permanent jobs created by Cauris Management previous Funds increased from 1,340 to 2,456 out of which, 334 benefited women. Total revenue sales increased from €150 million to €342 million. Based on the new Fund's indicative pipeline, it is expected that about 1,100 jobs will be created, of which 149 are expected to benefit to women. Most importantly, the total turnover of the investee companies is expected to reach €1 billion at maturity of the Fund.

Media contact : Sabrina Hadjadj Aoul