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IFC Launches New Fund to Invest in Smaller Companies in Central Africa
Washington, DC, May 10, 2010—IFC, a member of the World Bank Group, today launched a new fund that
will focus exclusively on investing in small and medium enterprises in central
Africa, helping to improve access to finance, create employment, and reduce
poverty in some of Africa’s least developed countries.
IFC is investing $12.5 million in equity in the Central Africa Small and
Medium Enterprise (SME) Fund, which will make equity and equity-related
investments in smaller businesses across the central African region. It will
initially focus on companies in the Central African Republic.
The fund will be managed by XSML, a social
investment fund manager based in the Netherlands, and Cenainvest, an SME fund
manager based in Cameroon. With IFC’s support, XSML and Cenainvest will aim to
mobilize a total of $25 million for the fund from other development finance
institutions and the private sector.
Jan Vos, Managing Partner at XSML, said, “By providing
financing for small and medium enterprises, the Central Africa SME Fund will
address a key constraint to the further development of Africa’s private sector.
The fund will aim to be an important source of socially responsible financing for
companies across central Africa and contribute to reducing poverty across the
region. We are very proud and pleased to help African entrepreneurs build
sustainable businesses that create jobs and income.”
Companies that the fund invests in will also receive advice on implementing
better corporate governance, raising environmental and social performance, and
other business support. The business support services facility will aim to
improve the long-term and sustainable development of investee companies by
advising them both before and after they receive financing.
The Central Africa SME Fund is the first of several private equity funds
under the SME Ventures program that IFC aims to launch in the coming months to
invest in smaller businesses in Africa’s least developed regions and in countries
emerging from conflict. All of the funds will leverage
the expertise of locally based fund managers and combine financing with
business support services and advisory to smaller business.
IFC Executive Vice President and CEO Lars Thunell, said, “Supporting the
growth of small and medium enterprises in Africa’s poorest economies and in
countries emerging from conflict is a strategic priority for IFC in the region.
The Central Africa SME Fund is an important part of IFC’s efforts to improve
access to finance for entrepreneurs and create opportunities for people in
places that need it the most.”
The fund’s individual investments will be between $100,000 and $500,000,
targeting companies in several sectors, including agribusiness, information
technology, telecommunications, transportation, warehousing, and tourism.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to
escape poverty and improve their lives. We foster sustainable economic growth
in developing countries by supporting private sector development, mobilizing
private capital, and providing advisory and risk mitigation services to
businesses and governments. Our new investments totaled $14.4 billion in fiscal
2009, helping channel capital into developing countries during the financial
crisis. For more information, visit www.ifc.org.
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