(Ecofin Agency) - Cauris Management, a private equity fund manager based in Côte d'Ivoire, received an additional €12 million for Yeelen Financial Fund, its investment vehicle targeting financial companies based in the West African Economic and Monetary Union (WAEMU). The investor is the African Development Bank (AfDB).

This sum is in addition to the €36.4 million mobilized by the fund at its first closing in 2017. “The Bank is pleased to collaborate with Yeelen Capital promoted by Cauris Management [...] We hope that this collaboration will help increase inclusiveness and further stimulate private sector development in the area while improving the living conditions of the target populations,” said Stefan Nalletamby, Director of the AfDB's Financial Sector Development Department (pictured).

Yeelen Financial Fund L.P. is a 12-year investment fund domiciled in Mauritius and Lomé. It is targeting a final capitalization of €65 million to create nearly 1,500 jobs, 40% of which are for women. Investors in the fund also include the West African Development Bank (BOAD), banks and agricultural promoters.

Idriss Linge