European Investment Bank commits €15m to African fund
The European Investment Bank has committed €15 million to the new I&P Afrique Entrepreneurs 3 fund.
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The European Investment Bank (EIB) has committed €15 million to the new I&P Afrique Entrepreneurs 3 (IPAE 3) fund, managed by Investisseurs & Partenaires.
The fund will back local businesses with high growth potential in sectors such as agriculture, nutrition, health, energy, water, industry and services.
The EIB – along with the West African Development Bank (BOAD) and Proparco – is among the first to invest in this fund and aims to attract other public and private investors.
“I am very pleased to have signed this new investment with Investisseurs & Partenaires to support IPAE 3, an innovative and high-impact fund for entrepreneurs in Africa, particularly in West Africa and Madagascar. Our aim is to provide finance for start-ups and to assist them in their development, especially in countries where accessing finance is difficult,” said EIB vice-president, Ambroise Fayolle. He also added: “By taking action, we are helping to create a more responsible form of entrepreneurship and supporting women entrepreneurs. In this way, we are helping to create jobs and develop the business leaders of the future. These are the key objectives of our finance operation in Africa alongside our Team Europe partners.”
“We are especially proud to continue our long-term partnership with the European Investment Bank, which began almost 20 years ago. As one of the first players to make a formal commitment to IPAE 3, the EIB is playing a decisive role in the success of this round of fundraising, along with the other players involved in this initial closing. The commitment that has been made to IPAE 3 demonstrates that there is confidence in our approach and expertise. IPAE 3 has a unique ambition: to grant finance to capable, responsible and innovative businesses that offer solutions to the biggest challenges facing Africa, while supporting economic inclusion, especially that of women,” said I&P co-CEO, Sébastien Boyé.
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