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GROFIN AFRICA FUND

Signature(s)

Amount
€ 14,146,272.46
Sector(s)
Services : € 14,146,272.46
Signature date(s)
14/08/2009 : € 14,146,272.46
Link to source
Data sheet
GROFIN AFRICA FUND
Other links
Summary sheet
GroFin Africa Fund
Related press
Africa: Largest ever growth finance fund an achievement

Summary sheet

Release date
28 April 2009
Status
Reference
Signed | 14/08/2009
20090043
Project name
Promoter - financial intermediary
GroFin Africa Fund
GroFin
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
Up to USD 20 million.
USD 150 million.
Location
Sector(s)
Description
Objectives

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.

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.

Environmental aspects
Procurement

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.

Not applicable.

Link to source
Summary sheet
GroFin Africa Fund
Other links
Data sheet
GROFIN AFRICA FUND
Related press
Africa: Largest ever growth finance fund an achievement

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).

News & Stories

Press release

Africa: Largest ever growth finance fund an achievement

20 August 2009

GroFin announce final close of the GroFin Africa Fund at $170 million.

GroFin today announced the final closing of the GroFin Africa Fund at US$170 million against a target of $150 million. This growth finance fund targets start-up and growth opportunities in small and medium enterprises in Africa.

The GroFin Africa Fund will be invested in roughly 500 companies over a period of five years, making it the largest growth finance fund to date globally, which is a remarkable achievement for Africa.

It invests between $100,000 to $1 million in SMEs operating in various sectors of the economy ranging from manufacturing to retail and services. These firms often struggle to grow because of a lack of access to capital and business development assistance, and as [...]

See more
Link to source
Related press
Africa: Largest ever growth finance fund an achievement
Other links
Data sheet
GROFIN AFRICA FUND
Summary sheet
GroFin Africa Fund

General enquiries and comments

The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
Alternatively, the EIB can be contacted through its external offices.
Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

Media enquiries

Media-related enquiries can be addressed to the EIB Press Office. Please also visit our Media information section.

Complaints mechanism

Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

Zero tolerance against fraud and corruption

The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

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