Enko Capital-managed Rwanda SME fund receives $30m anchor commitment
The Rwanda Social Security Board has anchored the first close of the $100 million Rwanda SME Growth Fund.
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The Rwanda Social Security Board (RSSB) has anchored the first close of the $100 million Rwanda SME Growth Fund, a Rwanda-focused vehicle managed by Enko Capital. RSSB has made a commitment of $30 million.
This fund is designed to offer long-term, flexible growth capital in local currency to small and medium-sized enterprises (SMEs).
Alain Nkontchou, managing partner of Enko Capital, said: “We at Enko believe that African development will come from African capital which is why the launch of this fund is such a pivotal moment for us. We feel privileged to collaborate with the RSSB to unlock private sector capital for private sector development in Rwanda. Through the SME Growth Fund, Enko demonstrates its commitment to channelling longer tenor and flexible funding to Rwandan businesses for growth and job creation.”
Regis Rugemanshuro, chief executive officer of the RSSB, commented: “Rwanda has set ambitious targets to become a high-income nation by 2050. RSSB is fully committed to supporting the realisation of this vision by aligning our capital allocation strategies to the key pillars and priority sectors in the Vision 2050 blueprint. With the National Strategy for Transformation, a five-year government programme with a central focus on private sector-led growth currently under implementation, the Rwanda SME Growth Fund is a timely initiative.”
He added: “The SME Fund also presents some significant firsts by a public pension fund in the region cementing RSSB’s innovative position. These include: the first public pension-fund led initiative focused exclusively on SME financing; the first permanent capital vehicle anchored by a pension fund; and the first time that a pension fund is dedicating a technical assistance facility in a fund.”
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