SMEs: IFC Invests €15M in Several Countries, Including Togo

Friday, 15 September 2023 15:19
SMEs: IFC Invests €15M in Several Countries, Including Togo

(Togo First) - The International Finance Corporation (IFC) has invested €15 million in the Joliba Fund I, which is managed by Abidjan-based private equity firm Joliba Capital. The World Bank’s private sector arm announced the investment on September 13. 

In its press release, IFC noted that most (80%) of the facility should support SME growth in several countries, including Togo. Other countries to receive the support are Benin, Burkina Faso, Cameroon, Côte d’Ivoire, Mali, Senegal, and Gabon. The source emphasizes that at least 80% of the investment will go to IDA-eligible countries. 

In detail, the IFC's contribution includes a €7.5 million equity investment from its SME Ventures program, plus €7.5 million from the International Development Association's (IDA) Private Sector Promotion Window's Blended Finance Facility, designed to reduce the risks associated with investments in low-income countries.

Overall, Joliba Fund I has raised a total of €55 million from commercial investors and development funders such as France's Proparco and the Netherlands' FMO.

In Togo, the IFC has directly poured $300 million into various private projects, spanning sectors such as energy, telecommunications, and urban mobility. More recently, the Corporation signed an agreement with the Association of Large Enterprises of Togo (Association des Grandes Entreprises du Togo or AGET), to support SMEs/SMIs, to help them secure more financing.

Ayi Renaud Dossavi

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