Jean-Michel Severino, a French investor, has established 1.5 million Euros investment fund to develop Small and Medium-scale Enterprises (SMEs) in Ghana.
The investment fund dubbed, ‘The Investisseurs & Partenaires Afrique Entreprenuers Fund (IPAE), seeks to make about four to five new investments in Ghana by 2017.
Mr. Severino announced the establishment of IPAE, a private equity fund, whose investments range from 300,000 euros to 1.5 million euros, at the official of launch of the Ghana office of Investisseurs and Partenaires (I&P) at the plush Holiday Inn hotel on Wednesday in Accra.
Mr Severino, the former Vice President of World Bank – Asia sub-region, explaining the rationale for establishing the SMEs development fund, stated that medium enterprises on the African sub-continent, including Ghana lack the requisite financial support they need to thrive.
“Ghana is a major West African country with a solid track-record of growth. However, as it is the case across all of Africa, SMEs here need more support to emerge and thrive,” the Global Chief Executive Officer (CEO) of I&P, a French private equity firm, indicated.
Mr. Severino added that “I&P can bring to the Ghanaian market its successful experience of investing in 60 SMEs across the continent, but we can also learn a lot in this dynamic market that will benefit our network of portfolio companies.”
Since its inception, I&P has funded three companies in Namibia, Kenya and Uganda. Ghana happens to be the first Anglophone country in the West African sub-region where I&P has opened an office.
Currently, I&P’s portfolio in the country includes about two investee companies namely Voltacars Rental Services and Eden Tree, a leading independent provider of fresh fruits, vegetables and herbs.
In her welcome address, Emilie Debled, the Communication and Public Relations Officer (PRO) of Investors and Partners, indicated that the fund will lead to the creation of more jobs for Ghanaians, as well raise the revenue base of her outfit.
She indicated that I&P provides capital, technical and strategic support to meet the growth needs of its portfolio companies.
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