Tunji Wusu –
The African Development Bank (AfDB) Group authorized a $11 million equity investment in BluePeak Private Capital Fund over the weekend, bringing the fund closer to its $155 million final close target.
The investment furthers AfDB’s mission to assist mid-sized businesses in Africa, particularly those operating in the manufacturing, logistics, and agro industries.
22 percent go to agribusiness, 22 percent to manufacturing and packaging, 12 percent to pharmaceuticals, 12 percent to fintech and financial services, and 11 percent each to logistics, commercial real estate, and information technology and telecommunication. Other development finance institutions are anticipated to invest in BluePeak.
Walid Cherif, a co-founder of BluePeak Private Capital, said: “The African Development Bank’s commitment to our flagship fund is a clear indication of trust in our approach to supporting impactful enterprises in Africa. Due to numerous macroeconomic setbacks, SMEs in Africa continue to face funding difficulties. BluePeak was established to partially close this funding hole.
The equity investment by the AfDB comes with a number of advantages. It will guarantee that the fund follows the highest requirements.
By funding BluePeak, the AfDB will assist a local fund manager with in-depth market expertise of Africa in making investments in underserved small and mid-size businesses. Over 15 countries in Africa have been covered by investment opportunities found by fund managers.
The equity investment made by the AfDB is anticipated to result in the creation of 1,142 full-time jobs. In addition to 6,400 new telecommunications towers, it will enable an increase in malaria medicine output from 33 million in 2022 to 75 million in 2027.
The investment will benefit women and other disadvantaged members of communities, particularly in agribusiness, as seven of the portfolio companies operate in rural areas.
The investment strategy of the BluePeak Fund is in line with the African Development Bank’s High 5 priorities, particularly those to industrialize Africa, enhance the standard of living for Africans, and feed Africa.
Through the promotion of the private sector, the equity investment will aid in the integration of Africa at the continental and regional levels. Additionally, the investment fits with the African Development Bank’s priorities for the growth of the private sector through assistance for small and medium-sized businesses. It will also enhance the Bank’s plan to expand pharmaceutical production capacity throughout the continent of Africa.
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