The African Export and Import Bank (Afreximbank) announces the launch of its new African Export Development Fund (FEDA).
The Fund, whose mission is to support the mobilization of commercial funds in Africa to mobilize foreign direct investment (FDI) on the continent, will have an initial budget of $ 100 million and will be based in Mauritius. His leadership is in the hands of Kenyan banker Philip Kamau.
A pre-constitution meeting of the FEDA Board of Directors was held on Sunday, February 3 in Cairo, in the presence of Benedict Oramah, President of Afreximbank, Jean-Louis Ekra, former President of Afreximbank, Vishwanathan Shanker, CEO of the private equity firm Gateway Partners, and Sidi Ould Tah, director general of the Arab Bank for Economic Development in Africa, all members of the new board of directors of the new fund.
In detail, Feda « will provide seed money to businesses in Afreximbank’s key sectors including agribusiness, manufacturing, consumer and retail, financial services, technology, travel and tourism. , transport and logistics and the industrial sector « , according to a statement from Afreximbank.
For Benedict Oramah, « the long-term objective of FEDA is the provision of equity and financial, non-financial and related support to traders in the tradable and support sectors in Africa, with a focus on activities that support intra-African trade and value-added exports « .
Feda is expected to begin its investment activities in 2019, with the objective of investing USD 10 million during the year, and at the same time raising USD 450 million of FDI.