AfDB approves $15m equity fund for Liberia and others

The Board of Directors of the African Development Bank has approved a $15 million equity investment in Verod Capital Growth Fund III, a private equity fund that will make investments in high growth middle market companies in Anglophone West Africa including Nigeria, Ghana, Liberia, Sierra Leone and the Gambia.

The Fund’s investments will be in companies in consumer driven sectors including light industrial, fast moving consumer goods, education, financial services and agro processing. The ticket size for each investment will be between $ 5 million and $20 million.

“The Fund will help accelerate investments in small and medium scale enterprises (SMEs) in the West African region. This is key to job and wealth creation, knowledge transfer and scaling up of local businesses,” said Abdu Mukhtar, the African Development Bank’s Director of Industrial and Trade Development. He also added: “The Fund will provide an important vehicle to growing SMEs in Africa, which are a key pillar to the continent’s industrialization drive”.

The Fund Manager, Verod Capital Partners, is an experienced indigenous private equity firm with extensive knowledge of the Anglophone West Africa market. It also possesses a strong record of accomplishment in SME investments. Since 2008, Verod Capital Partners has invested in 16 SME companies in the region.

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About Cholo Brooks 9486 Articles
Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL) since 1986, and several other international organizations of journalists, and is currently contributing to the South Africa Broadcasting Corporation as Liberia Correspondent.