AFIG FUND II (EIB-20150726)

  • Africa
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Investment Bank (EIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jul 28, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
The holder of the loan, grant, or other investment.
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 20.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 300.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Bank Documents
Primary Source

Original disclosure @ EIB website

Updated in EWS Jan 2, 2018

Disclosed by Bank Feb 10, 2016

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Project Description
The operation consists of a commitment to a private equity fund targeting SMEs and small midcap companies in West and Central Africa. OBJECTIVES The proposed operation concerns a participation in AFIG Fund II, a growth equity fund managed by Dakar-based Advanced Finance and Investment Group (AFIG Funds). The Fund has a target size of USD 300m. The Fund aims to make a limited number of (mainly minority) equity and near-equity investments in Sub-Saharan Africa. Although all sectors could be considered, agribusiness, manufacturing, energy, healthcare, as well as financial and industry services are likely to be prioritised. Investments will typically range between USD 10-20m in companies offering "transformational growth" potential, i.e. the ability to benefit from a capital injection to develop and create value within a few years, as the result of operational improvements and/or business expansion. Since inception in 2008, AFIG Funds has emerged as a leading equity investment firm in West and Central Africa and developed strong expertise investing in the under-served "middle market" of SMEs and small midcaps. AFIG Fund II will be the successor fund to Atlantic Coast Regional Fund (ACRF), a USD 122.1m vintage 2008 fund in which the EIB committed USD 24.4m and which is now fully committed.
Investment Description
  • European Investment Bank (EIB)
Contact Information
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