United Capital Plc, Societe Generale, others support African SMEs with €77m Fund

United Capital Plc, a leading African investment banking group, has partnered with global financial and corporate institutions to set up a Franco-African Investment Fund (FFA), with investible funds of 77 million euro. The aim of the fund is to accelerate the growth of innovative and entrepreneurial African and French small and medium scale enterprises (SMEs) with development projects on both continents. It is the first cross border investment fund dedicated to the development of African and French SMEs, and will have a lifespan of 10 years.

The agreement to set up the fund was signed in Bamako, Mali on Saturday at the sideline of the Franco African Summit which was witnessed by the Malian President Ibrahim Boubacar Keita, French President Francois Hollande amongst other global leaders in the private and public sectors. Bunmi Akinremi, The Deputy Group CEO of United Capital Plc, signed on behalf of United Capital, a limited partner on the French Africa Fund.

Other investors in the FrancoAfrican Investment Fund apart from United Capital include: Societe Generale, Orange, BpiFrance, Africinvet, Caisse Nationale de Prevoyance Sociale of CDI, Proparco (AFD), SAHAM from Morocco, Financecom, the pension fund of the Central Bank of Kenya and other private investors in Kenya. The fund is sponsored by BpiFrance and Africinvet.

Beyond financial performance, particular attention will be paid to the positive impact of the Fund’s investments in terms of governance, transparency, job creation, and respect for social and environmental values.