8 MILES FUND


Overview

  • Reference: P-Z1-K00-028
  • Approval date: 13/12/1901
  • Start date: 01/01/2002
  • Appraisal Date: 15/03/2010
  • Status: OngoingOnGo
  • Implementing Agency: --
  • Location: SOUTH AFRICA

Description

The Fund has been promoted by Sir. Bob Geldof KBE a famous entertainer and a long time Africa activist. He was part of the commission that led to G8 Gleneagles African debt and aid package. He is a member of Africa progress panel. Mr. Mark Florman is the Managing Partner of the Fund. He is an investment banker with a rich experience in M&A and corporate restructurings in the Nordic countries and was instrumental in pioneering public private partnerships in these countries. In terms of humanitarian work Mr. Florman co-founded the "Centre for social justice" in 2004, which has become the UK's leading think tank on social justice and poverty. He also founded "Build a School" in Africa; which has built 88 primary schools across East Africa. He sits on the board of Swedish chamber of commerce. The Fund seeks to mobilize USD 750 million to USD 1 billion. It will target DFIs for a core block of funding to catalyze private investment from middle eastern sovereign wealth funds. Some commercial banks may be invited into the fund as smaller investors.


Rationale

The Fund is consistent with the Bank's objective of promoting the establishment of private equity funds which attract capital to develop strategic sectors such as energy, agribusiness, consumer, transport, financial services, and technology. Moreover, the Fund will support regional integration by investing in national companies which have the potential for regional growth. Early association with such a high-profile equity fund has the potential to enhance the Bank's reputation within the marketplace.


Benefits

Both the Fund's promoter and the managing partner have demonstrated deep personal commitments to African development. The somewhat unique investment approach of the Fund, which is based on skills transfer and value addition, will help create a sustainable development impact. Moreover, the consumer demand accelerant industries, in which the fund will invest, will have a multiplier effect on the economies and will create numerous job opportunities down the supply chain.


Key contacts

DZIMIRI Paul - OPSD4


Costs

Finance source Amount
ADBUSD 31,786,598
DeltaUSD 31,786,598