Freetown, Sierra Leone, 25, Mar 2013 – Peter Tropper is leading a team of more than 30 SME Ventures fund managers and IFC Advisory staff from South Asia and Africa. The objective of the visit is to share experience from challenges and opportunities from Ventures investments around the globe. On investment side, Peter is accompanied by two Senior Investment Officers: Tracy Washington, Sergio Pombo and on advisory side by Michel Botzung, Global Product Specialist and Ignace Rusenga, SMEs, Head for Africa Region.
The IFC delegation visited some investees companies of West Africa Ventures Fund (WAVF), which makes investments in Sierra Leone, and later met with other stakeholders in Sierra Leone.
Peter recognized the fund managers for making strategic investments that are making a significant development impact in producing basic goods and services needed to support domestic growth.
Peter said, “I am pleased to visit Sierra Leone which is among the pioneer countries in SME Ventures Program as the country exemplifies how Ventures Funds can help re-build a nation and economy out of difficult circumstances. Sierra Leone is a post conflict affected state, and demonstrates that initiatives like SME Ventures can help kick start the private sector by providing a unique combination of Equity and Advisory Services that would not have been available otherwise”. He commended the work accomplished both by the SME Ventures Advisory Program led by Evariste Nduwayo and Dr. Anthony Oboh, CEO of Western Africa Ventures Fund (WAVF).
IFC’s SME Ventures Program
IFC launched SME Ventures in 2009 to support the growth of small and medium sized enterprises in eight developing countries in Africa, South Asia, and the Middle East, many of them recovering from conflict and rebuilding their economies.
IFC has committed $45mln to four Funds of which two are located in Africa: West Africa Ventures Fund covering Sierra Leone and Liberia, and Central Africa Venture Fund, covering Democratic Republic of Congo and Central Africa Republic and two are located in South Asia: Bangladesh and Nepal. As of December 2012, these funds had invested total amount of $7mln in 21 projects spanning a number of sectors including manufacturing, agribusiness, services and tourism.
Thanks to SME Ventures, many of these businesses have grown, diversified, and taken on more employees. About one third of businesses supported by the program are run by women and one third are outside capital cities, where funding and training are often more difficult to obtain.
To further encourage small business growth, IFC provides Business Edge™ training in Sierra Leone (and other recipient countries). Business Edge™ has already trained over 100,000 entrepreneurs across Africa, and provides courses in marketing, finance, operations, and other areas. In Sierra Leone, the program will further focus on linking small businesses to larger corporations and market opportunities.
Freetown, Sierra Leone, 25, Mar 2013 – Peter Tropper is leading a team of more than 30 SME Ventures fund managers and IFC Advisory staff from South Asia and Africa. The objective of the visit is to share experience from challenges and opportunities from Ventures investments around the globe. On investment side, Peter is accompanied by two Senior Investment Officers: Tracy Washington, Sergio Pombo and on advisory side by Michel Botzung, Global Product Specialist and Ignace Rusenga, SMEs, Head for Africa Region.
The IFC delegation visited some investees companies of West Africa Ventures Fund (WAVF), which makes investments in Sierra Leone, and later met with other stakeholders in Sierra Leone.
Peter recognized the fund managers for making strategic investments that are making a significant development impact in producing basic goods and services needed to support domestic growth.
Peter said, “I am pleased to visit Sierra Leone which is among the pioneer countries in SME Ventures Program as the country exemplifies how Ventures Funds can help re-build a nation and economy out of difficult circumstances. Sierra Leone is a post conflict affected state, and demonstrates that initiatives like SME Ventures can help kick start the private sector by providing a unique combination of Equity and Advisory Services that would not have been available otherwise”. He commended the work accomplished both by the SME Ventures Advisory Program led by Evariste Nduwayo and Dr. Anthony Oboh, CEO of Western Africa Ventures Fund (WAVF).
IFC’s SME Ventures Program
IFC launched SME Ventures in 2009 to support the growth of small and medium sized enterprises in eight developing countries in Africa, South Asia, and the Middle East, many of them recovering from conflict and rebuilding their economies.
IFC has committed $45mln to four Funds of which two are located in Africa: West Africa Ventures Fund covering Sierra Leone and Liberia, and Central Africa Venture Fund, covering Democratic Republic of Congo and Central Africa Republic and two are located in South Asia: Bangladesh and Nepal. As of December 2012, these funds had invested total amount of $7mln in 21 projects spanning a number of sectors including manufacturing, agribusiness, services and tourism.
Thanks to SME Ventures, many of these businesses have grown, diversified, and taken on more employees. About one third of businesses supported by the program are run by women and one third are outside capital cities, where funding and training are often more difficult to obtain.
To further encourage small business growth, IFC provides Business Edge™ training in Sierra Leone (and other recipient countries). Business Edge™ has already trained over 100,000 entrepreneurs across Africa, and provides courses in marketing, finance, operations, and other areas. In Sierra Leone, the program will further focus on linking small businesses to larger corporations and market opportunities.
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