(Ecofin Agency) - The African Development Bank (AfDB) has inked its €12.5 million equity commitment to the first investment fund of Adiwale Partners, the institution said in an official statement issued on October 18. The deal signing follows a commitment decision taken in March 2019, with the approval of the AfDB Board of Directors.
Adiwale Fund 1 is managed by Jean Marc Savi of Tové (pictured, left) who has extensive experience in investing in WAEMU companies. With a target of €75 million, the fund's strategy consists of taking minority stakes (between €3 million and €8 million) in dynamic SMEs in countries such as Côte d'Ivoire, Senegal, Burkina Faso, and Mali.
The AfDB's equity contribution will help provide growth capital to eligible small and medium-sized enterprises, with a focus on increasing tax revenues for the countries where these companies are located and creating jobs, 45% of which will benefit women.