(Ecofin Agency) - The Investment and Support Fund for Businesses in Africa (FISEA), owned by the French Development Agency (AFD), approved a €1.8 million ($2 million disbursement in favor of AB Bank Zambia.
With this amount, the Zambian bank intends to increase support to small- and mid-sized enterprises (SMEs) which make 97% of the country’s corporate world and provide 70% of national GDP. AB Bank Zambia also plans to open branches in remote areas.
This investment aligns with the “Choose Africa” initiative, launched in March this year in Kenya, whose mission is to promote the development of SMEs and young companies across the continent. By 2022, the initiative will devote about €2.5 billion as part of its mission.
Let’s note that FISEA focuses on equity investments (€1-10 million) in companies and banking institutions operating in Sub-Saharan Africa.