(Ecofin Agency) - FMO, the Dutch development finance institution, plans to commit €4.40 million ($4.9 million) to Cathay AfricInvest Innovation, an investment fund that targets innovative companies with strong growth in Africa and international exposure.

Cathay AfricInvest Innovation Fund is a joint initiative of the Tunisian private equity firm AfricInvest and the venture capital firm Cathay Innovation. The fund, which raises capital from international institutions, targets a size of €150 million.

In April 2019, the Cathay AfricInvest Innovation Fund announced that it would select companies on the continent that will benefit from the expertise and support of a network of Cathay Innovation partners and the pan-African company AfricInvest. The support will enable the selected companies to accelerate their geographical expansion and become leaders in their respective sectors of activity.

With 8 locations across the continent, private equity firm AfricInvest manages assets of $1.5 billion. It has more than 150 investments in 25 African countries.

Chamberline Moko