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    Reference: 20190104
    Release date: 22 August 2019

    Promoter – Financial Intermediary

    UHURU CAPITAL LTD

    Location

    Description

    The proposed operation concerns an equity participation of up to USD 30m (EUR 27 million) in Uhuru West Africa Growth Fund I, a new private equity fund focusing on supporting the growth of companies active in Nigeria, Côte d'Ivoire and Ghana. The Fund is generalist in terms of sectors.

    Objectives

    The proposed operation aims to invest in small and medium-sized enterprises (SMEs) in both Francophone and Anglophone Western Africa. The Fund targets to raise USD 200m, and plans to hold a first close in Q4 2019. By contributing to private sector development and improving access to finance for SMEs, the proposed operation is in line with the priorities of the Cotonou Agreement, the EU Agenda for Change (the basis for EU's development policy) and the Joint EU-Africa Strategy. Private sector development is also a key priority in the national development strategies in several of the concerned countries. The Fund is expected to contribute to several Sustainable Development Goals ("SDGs"), including SDG 9 (industry, innovation and infrastructure) and SDG 8 (decent work and economic growth). It should contribute indirectly to ending poverty (SDG 1), and investee companies, by providing goods and services to local populations, may contribute to sector-specific SDGs such as SDG 3 (good health and well-being) and SDG 4 (quality education).

    Sector(s)

    • Services - Financial and insurance activities

    Proposed EIB finance (Approximate amount)

    USD 30 million (EUR 27 million)

    Total cost (Approximate amount)

    USD 200 million (EUR 182 million)

    Environmental aspects

    The Bank will ensure that the project meets the social and environmental standards of the EIB and that the fund's operational guidelines provide for complete environmental and social due diligence of investee companies.

    Procurement

    N/A.

    Status

    Signed - 1/12/2020

    Disclaimer

    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The data provided on this page is therefore indicative and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Côte d'Ivoire Ghana Nigeria Services