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    Reference: 20190782
    Release date: 14 December 2020

    Promoter – Financial Intermediary




    The proposed operation concerns an equity participation of up to EUR 15 million or its USD equivalent (c. USD 17.5 million) in Convergence Partners third private equity fund focusing on high-growth digital infrastructure companies throughout Africa.

    Additionality and Impact

    The EIB's financial support will facilitate investment in the digital sector throughout Sub-Saharan Africa. Firms in this sector are often young, and small in size. In addition, the sector is relatively new. These factors mean that it is difficult to access traditional sources of finance.

    Traditional financiers are particularly cautious in the context of the COVID-19 crisis. This operation will support investment in the sector, unleashing the potential of African firms to create jobs and support economic growth as the continent recovers from the COVID-19 crisis, especially in a sector and geography in which the private equity industry remains underdeveloped.

    As such, the Fund's proposition provides a good fit with the EU policies, notably in terms of private sector and financial market development as well as employment.

    The EIB contribution is considered as particularly high, considering the high value added from the EIB to the Fund in terms of the catalytic effect, and aligning with high standards.


    The proposed operation concerns an equity participation in a private equity fund focusing on equity and quasi-equity investments in high-growth digital companies throughout Africa. The fund has a target size of USD 250 million and will pursue growth investments in digital and ancillary opportunities. 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), SDG 4 (quality education), SDG 10 (reduced inequality) and SDG 11 (sustainable cities and communities).




    • Telecom - Information and communication

    Proposed EIB finance (Approximate amount)

    USD 18 million (EUR 14 million)

    Total cost (Approximate amount)

    USD 250 million (EUR 206 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.


    The Bank will require the fund to ensure that the implementation of projects conducted by investees will be done in accordance with the Bank's Guide to Procurement. Under these conditions, the procurement procedures to be followed by the Promoter are suitable for the project and satisfactory to the EIB.


    Signed - 13/07/2021


    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

    Regional - East Africa Regional - Southern Africa Regional - West Africa Telecom