Good news for SMEs in Anglophone West Africa – Finance

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Good news for small and medium-sized enterprises (SMEs) in Nigeria, Ghana, Liberia, Sierra Leone and the Gambia as the African Development Bank (AfDB) approved 15 million dollars. USA equity investment to see the growth in the market.

Equity investment in Verod Capital Growth Fund III, a private equity fund, will invest in companies with a high level of average growth in English-speaking West Africa.

Fund that has been approved Board of Directors will be in consumer-oriented sectors, such as light industrial enterprises, high-speed consumer goods, education, financial services and agro-processing.

Chawki Chahed, Chief Public Relations Officer, Office of the Vice President for Agriculture and Human Development and Social Development at AfDB, said in a statement that the size of the ticket for each investment would be between $ 5 and $ 20 million

"The fund will help accelerate investments in small and medium-sized enterprises (SMEs) in the West African region. This is the key to creating jobs and wealth, transferring knowledge and expanding local enterprises, "said Abdou Mukhtar, Director for Development of Industry and Trade of the African Development Bank.

He also added that "The fund will be an important vehicle for the growth of SMEs in Africa, which are the key support for the industrialization of the continent".

The Verod Capital III growth fund will have a direct and measurable impact on individual businesses in West Africa while improving their ability to expand while also benefiting from government revenues and job creation in the countries of the domestic economies. This is in line with the Bank's private sector strategy to support projects that have a strong impact on job creation, economic growth and poverty alleviation.

Since 2008, Verod Capital Partners has invested in 16 small and medium-sized enterprises in the region. The Foundation's target value is USD 150 million.

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