By Ronald Njoroge NAIROBI, (Xinhua) --
Kenya’s private equity fund that is backed by the
private sector arm of the World Bank has raised about 30 million
U.S. dollars to fund small and medium enterprises (SME) in the
East Africa region, officials said Wednesday.
Managing Partner Ayisi Makatiani told journalists that the
International Finance Corporation (IFC) has agreed to inject 7.5
million dollars out of the targeted 100 million dollars.
“The funds will be
invested into East Africa’s SMEs in the four key high-growth
sectors of healthcare, retail and wholesale, education and
agri-business,” Makatiani said during the launch of the Fanisi
Capital Fund II, which is a close-ended ten-year SME venture
The private equity
firm plans to use the funds raised to continue its investments
mainly in Kenya, Rwanda, Tanzania and Uganda.
“So far local
investors account for 45 percent of the funds raised, with the
rest coming from various international investors,” Makatiani
Makatiani, who is
also the CEO of Fanisi Capital, said that the new money raised
will help to consolidate the gains made from the first fund.
“We have seen growth
in the markets we have moved into so far and we are looking to
capitalize on what we have gained so far and build even stronger
businesses,” he added.