UHURU GROWTH FUND I

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.

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).

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.

N/A.