The International Finance Corporation (IFC), the investment arm of the World Bank, will invest USD 7.5 million in the Fanisi Venture Capital Fund, a Luxembourg-based fund that invests in East Africa [1,2,3].The funding will be used to invest in startups and existing small and medium enterprises (SMEs) in Kenya, Rwanda, Uganda, and Tanzania in industries such as manufacturing and technology [1]. Additionally, a business services support facility will be set up to assist SMEs to overcome technical and governmental barriers [1].
By Christopher Maggio, Research Assistant
About: International Finance Corporation (IFC)
Description:
A member of the World Bank Group, IFC uses loan and debt securities, equity investments and guarantees as instruments of poverty alleviation. It “invests in companies and financial institutions in emerging markets” as well as providing technical assistance. The IFC has 182 member countries that “collectively determine its policies, and approve investments.” In fiscal year 2009, its new investments totaled USD 14.5 billion.
MicroCapital’s Microfinance Universe profile: IFC
About: Fanisi Venture Capital Fund
Description:
The Fanisi Venture Capital Fund is a Luxembourg-based fund that invests in startups and existing small and medium enterprises (SMEs) in East Africa. It was established in 2009 by Norwegian Investment Fund for Developing Countries (Norfund) and Amani Capital Limited. In addition to making investments, the fund has a Business Advisory Facility to provide capacity support.
Fanisi Venture Capital Fund does not report to the MIX Market, the microfinance information clearinghouse.
Organization’s Website:
http://fanisi.com/
Just the Facts:
-Country of Incorporation: Luxembourg
-Year Founded: 2009
-Commitments Secured: USD 40 million (as of 22/Jan/010)
-Area of Operation: East Africa
-Participant(s)/Backer(s)/Investor(s): Norfund, Amani Capital Limited, Finnfund, Proparco
Contact Information:
Fanisi Venture Capital Fund S.C.A. SICAV-SIF,
2, boulevard Konrad Adenauer,
L-1115 Luxembourg,
Grand-Duchy of Luxembourg
E-mail: info@fanisi.com
Additional Resources:
MicroCapital’s Microfinance Universe profile: Fanisi Venture Capital Fund
Bibliography:
[1] IFC press release entitled ‘IFC Invests in East African Private Equity Fund Targeting Startups and Small Businesses’: http://www.ifc.org/ifcext/media.nsf/content/SelectedPressRelease?OpenDocument&UNID=2D71F10F046916EB852576B300618BAF
[2] IFC: http://www.ifc.org/
[3] Fanisi Venture Capital Fund: http://fanisi.com/
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