Summary of Proposed Investment
Project Number
9194
Company Name
ECP AFRICA FUND I LLC
Date SPI Disclosed
Mar 15, 1999
Country
Africa Region
Industry
other
Status
Completed
Sector
Private Equity/Venture Cap Fund - Sector
Department
Equity Portfolio Management
Environmental Category
FI
Previous Events
Approved : May 13, 1999
Signed : Sep 22, 1999
Invested : May 3, 2000
Project Description
Summary Of Project Information (SPI)
| Project Name: | Sub-Saharan Africa: Africa Infrastructure Fund |
Region:Sub-Saharan Africa
Sector:
Project No:009194
Projected Board Date:April 15, 1999
Company Name:Africa Infrastructure Fund
Technical Partner and/or Major Shareholders
American International Group (AIG)
Emerging Markets Partnsherhip (EMP) as the Fund Advisor
Project Cost Including proposed IFC investment
US$500 million equivalent. IFC proposes to invest US$100 million, of which (i) US$75 million, representing approximately 15% of the targeted Fund and (ii)US$25 million in investment authority to exercise co-investment rights alongside AIF.
Location of project and Description of site
Fund to be domiciled in Mauritius.
The Fund will invest in selected countries in Africa.
Description of Company and Purpose of Project
The project consists of the formation of a closed-end private equity fund which will be established as a limited partnership in Mauritius. The objective of the African Infrastructure Fund (“AIF”, or “the Fund”) is to invest for long-term capital appreciation through equity, quasi-equity and convertible debt instruments in infrastructure projects and infrastructure-related industries in Africa. The target size of the Fund is US$500 million, and the target rate of return is 20-25 percent per annum. The Fund will therefore be the leader in the rapidly developing field of private investment in infrastructure services in Africa. This project is designed to achieve several developmental impacts: to provide a significant funding source for infrastructure investment in Africa, to stimulate foreign investment in Africa, to lead to institutional development in the infrastructure sector in Africa, and to promote capital markets development in African countries. IFC’s presence as an initial investor, and its shareholding in the Management Company, are expected to increase the credibility and marketability of the Fund and thus assist the sponsors in mobilizing funds from strategic and institutional investors from around the globe.
Environmental Category and Issues
This is an environmental review category FI project. The Manager will be required to undertake an environmental review of eligible investee companies’ environmental performance and each investee company’s compliance with World Bank policies and guidelines. In addition, IFC will assess the Manager’s capability to carry out environmental reviews on each investee company.
The is from the InfoShop.
| Date SPI sent to InfoShop: | March 15, 1999 |
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384
Sponsor / Cost / Location
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