CONVERGENCE ICT FUND

Equity participation in a closed-end private equity fund targeting information and communication infrastructure projects and ancillary businesses in Africa, with primary focus on Sub-Saharan Africa.

The Fund will typically acquire minority stakes in enterprises engaged in the design and deployment of communication infrastructure in Sub-Saharan Africa (e.g. fixed and wireless telecommunications networks, software, hardware and switching technologies as well as related service companies). The Fund will target both greenfield projects and seek to expand and further develop existing infrastructures. The Fund will contribute to the deployment of comprehensive communications solutions across Sub-Saharan Africa, while creating financial value through driving the growth and profitability of investee companies and enhancing their skills as well as governance, environmental and social standards.

The Fund’s operational guidelines provide for environmental and social due diligence of investee companies according to guidelines acceptable to the Bank.

Not applicable.