AfDB approves $15m equity investment to boost West African SMEs

The African Development Bank (AfDB) has approved a $15 million equity investment in Verod Capital Growth Fund III, a private equity fund that will make investments in middle market companies in West African countries including Nigeria, Ghana, Liberia, Sierra Leone and the Gambia. The fund's investments will be in companies in consumer driven sectors including light industrials, fast moving consumer goods, education, financial services and agro processing. Each investment will be between $5 million and $20 million.