AfricInvest II

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_x000C_The project team proposes to make an investment of the lesser of €20 million (about $28.8 million) or 20% of the total committed capital in AfricInvest II Fund (AfricInvest II or the Fund), a €120 million (about $170 million) fund that will target investments in small and mid-size companies, primarily in West and Central Africa. The Fund will seek controlling or significant minority positions in a portfolio of commercial and industrial companies with annual turnover of up to $50 million (€40 million) in sectors such us micro finance, education, agribusiness, pharmaceuticals, leasing, insurance, IT, telecom, mining, consumer finance and commercial banking. Based on the existing pipeline, 60% of AfricInvest II target companies fall within the Word Bank Group Small and Medium Enterprise (SME) definition i.e., annual revenue and total assets up to $15 million and less than 300 employees. The investment strategy of AfricInvest II involves substantial value-add from the Fund Manager to the operations of the companies, direct support to management, financial restructuring and close monitoring.