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Tunis, 23 June 2010 - The Board of Directors of the African Development Bank (AfDB) Group has approved today, 23 June 2010, in Tunis, an equity investment of USD 50 million in the 8 Miles Fund which aims to invest equity and quasi equity in Greenfield and Brownfield projects in Africa.
The 8 Miles Fund is a first generation multi-sector Pan-African private equity fund with a target endowment of USD 750 million. A majority of the Fund’s investments will be in existing companies who need capital for expansion plans. The Fund’s portfolio will include businesses in sectors that will grow from the expansion of Africa’s economy and resource industries including: agribusiness, financial services, consumer goods and infrastructure.
The Fund is in line with the Bank’s Private Sector Operations (PSO) strategy and its business plan for 2008-2010, which underscores the need to support sectors which have a strong impact on economic growth and poverty alleviation, as well as, regional integration.
With investments in agribusiness, financial services, energy, telecommunication and utilities throughout Africa; the Fund will contribute to job creation, income generation, poverty reduction and food security.