Africa’s AFIG backs Ecobank with $14m
Advanced Finance & Investment Group, an Africa-focused private equity firm, has agreed to make a $14m investment, consisting of equity and convertible bonds, in three subsidiaries of Ecobank Transnational in Chad, Liberia and Rwanda.
The three regional banks under the Ecobank umbrella all provide credit in their respective African markets.
The investment will go towards strengthening the subsidiaries’ capital bases and help them kick-start their strategic initiatives, said Ecobank CEO Arnold Ekpe.
According to the African private equity firm’s website, this is the first deal for its Atlantic Coast Regional Fund, an inaugural vehicle that closed in July 2008 on $72m and that, at the time, announced a final target of $150m.
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Private Equity News» By News Type» Deal News
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Private Equity News» By News Type» Deal News
Private Equity News» By Region» Africa
Private Equity News» By PE Sector» Venture/Growth
