Release date: 28 April 2009
Promoter – Financial Intermediary
GroFinLocation
Description
GroFin Africa Fund (GAF) is a target USD 150 million closed-end private equity fund providing loans and equity products, as well as business support to small businesses in various African countries. GroFin Capital contributes USD 10 million in cofinancing.
Objectives
The Fund’s objective is to provide financing and business support to the “missing middle”, i.e. SMEs that lack access to commercial bank funding, are too large for microfinance institutions, and are outside the purview of private equity funds. GroFin uses the term “growth finance” to describe the sector in which it operates. The Fund’s operatations are targeted to the following countries: Kenya, Tanzania, Uganda, Rwanda, Nigeria, Ghana and South Africa.
Sector(s)
Proposed EIB finance (Approximate amount)
Up to USD 20 million.
Total cost (Approximate amount)
USD 150 million.
Environmental aspects
Environmental analysis accourding to guidelines acceptable to the Bank will be part of the Fund’s due diligence process in the appraisal of investee companies.
Procurement
Not applicable.
Status
Signed - 14/08/2009
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).