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Summary sheet
- Services - Financial and insurance activities
The proposed operation consists of an equity participation of up to USD 15 million in a USD 120 million target venture capital fund managed by Novastar Ventures. The Fund will invest in sub-Saharan Africa.
Novastar will back early-stage businesses led by high capacity entrepreneurs seeking to transform low-income consumer markets by deploying innovative business models that satisfy basic human needs and alleviate severe social issues. With the overarching objective of fighting poverty, the Fund's investment sectors will include education, health care, small agri-businesses, and access to food, water and critical information in sub-Saharan Africa.
The Fund's operational guidelines will provide for environmental and social due diligence of all projects, according to guidelines acceptable to the EIB.
The Fund will be required to ensure that implementation of the underlying projects is done in accordance with the EIB Guide to Procurement.
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