Cote Dlvoire African Tender

The Board of the African Development Bank has approved a 12.5 million equity investment in Adiwale Fund 1 a first-generation private equity fund targeting high growth potential Small and Medium Sized Enterprises SMEs in Francophone West Africa. With a target fund size of 75 million the Fund will take minority stakes in SMEs that are well established in their markets have competitive advantage and can rapidly scale up.The geographical focus of the Fund will be on a handful of countries where economic prospects and the Funds networks result in opportunities. Average deal size for the Fund will range from 3 to 8 million. Primary target countries will include Cote dIvoire Senegal Burkina Faso and Mali while secondary target countries will include Togo Benin and Guinea. These countries are currently underserved by the global private equity PE market.Across these economies the Fund will target three key sectors consumers comprising consumer goods and services education and health business services transport logistics IT internet services construction-related services and manufacturing pharmaceuticals agri-processing chemicals etc.. The Banks investment in Adiwale Fund 1 would enhance the availability of financing and capacity support for SMEs in Francophone West Africa said Alhassane Haidara Divisional Manager of Non-Sovereign Industries and Services at the African Development Bank.Established in 2016 the Fund Manager Adiwale Partners houses a team of experienced West African nationals with several decades of combined private equity operational development finance and asset management experience in Africa Europe and the United States. With support from the Bank the team is expected to drive value creation in investee companies through improvements in internal functions and implementation of best-governance practices.From a development perspective the Bank investment will provide growth capital to African SMEs resulting in spill-over effects on job creation direct indirect skilled unskilled men women and tax revenues. It will support local entrepreneurs with access to business management expertise and promote regional integration via the Funds support for companies looking to expand regionally. It will also boost best-in class corporate governance and human capital development which ultimately unlocks top line growth and supports economic transformation.The Funds investment strategy is aligned with the Banks High 5 goals of Industrialize Africa Integrating Africa and Improving the Quality of Life for the People of Africa. It is in line with the Banks Ten-Year Strategy 2013-2022 objectives of promoting inclusive economic growth and productivity gains. It is further aligned with the Regional Integration Strategy Paper for West Africa that aims to foster regional integration by investing in companies which will grow to become regional economic players.