AFRICA RIVERS FUND

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The project entails an IFC equity investment of up to US$10.0 million, not to exceed 20% of total commitments, in the African Rivers Fund (“ARF” or “the Fund”), a 10 year closed-end fund seeking to raise US$50.0 million. The key objective of ARF is to construct a portfolio of small business investments diversified across low income countries in Central and Eastern Africa, which collectively capture the underserved SME and FCS investment segment in those two regions. The Fund will seek to provide (i) risk capital and (ii) management guidance to small businesses in the Democratic Republic of Congo, Republic of Congo, Central African Republic, Burundi and Uganda. ARF will continue the business model established by the Central African SME Fund, which has had a business model that has achieved proof of concept, demonstrated by (i) establishment of a functional effective team; (ii) sourcing of a healthy pipeline of investments; (iii) execution and value addition; and (iv) the Fund Manager making four cash distributions to investors to date. CASF has managed to achieve this even with the significant setback brought on by the political disorder in CAR, and the Fund Manager has proven the ability to ring-fence investments and safeguard capital in such environment, a critical ability for a FCS investor.