According to bank documents, African Rivers Fund III LP, a Mauritius limited partnership, is targeting US$75 million to construct a portfolio of small business investments diversified across Central and Eastern Africa, which collectively capture the underserved SME and FCS investment segment in those regions. ARF III’s investment objective is to provide long-term finance to SMEs in the form of cash generating instruments such as straight debt, debt with revenue share and debt with equity. The Fund will be supported by the Blended Finance Facility of the IDA18 IFC-MIGA Private Sector Window (PSW), created by the Word Bank Group to catalyze private sector investment in IDA countries, with a focus on fragile and conflict-affected states.
IFC proposes an equity investment of up to US$15 million, not to exceed 20% of total committed capital. IFC acting as Implementing Entity of the IDA PSW BFF will co-invest in equity alongside IFC, not to exceed 20% of the Fund’s total capital commitments. The combined commitment shall not exceed US$15 million.
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