28 July 2012
The African Development Bank (AfDB) announced it has approved a $7 million equity investment in the Business Partners International Southern African SME Fund (BPI SA).
The Bank in a statement said the financing will allow BPI SA to increase access to finance and capacity building for small and medium-sized enterprises (SMEs) within various sectors in the southern African sub-region.
The Mauritius-based BPI SA Fund will be managed by Business Partners International, a subsidiary of Business Partners Limited, a South African provider of SME financing solutions.
This fund, which has targeted capital commitments of $40 million, invests in SMEs with annual revenues of under $10 million and fewer than 300 employees.
Tim Turner, the AfDB’s private sector and microfinance director said “The project’s main development outcomes are expected to stem from private sector development and positive effects on inclusive growth through its focus on sectors such as construction, tourism, health, education and business services, as well as support to a fragile state and rural areas, all of which are expected to produce positive social effects.” (Report from Ghana Business News)