PROPARCO inSub -Saharan Africa

,

PROPARCO’s core mandate in Sub-Saharan Africa

is to promote strong growth with the aim of cre-

ating sustainable and more evenly distributed

employment.

PROPARCO’s strategy pursues several objectives:

FINANCING BUSINESSES: CREATORSOF REVENUES AND EMPLOYMENT

Businesses in Sub-Saharan Africa, more than any-

where else in the world, have extremely limited

access to fi nancing.

PROPARCO’s activity is complementary to com-

mercial banks. It supports businesses by offering

them long-term resources: loans, guarantees and

direct equity investments. It mainly fi nances the

agribusiness sector (plantations, livestock raising,

sea industries, cogeneration, subsistence indus-

tries...), the manufacturing sector (construction

materials, renewable energy equipment suppli-

ers...), the tourism industry (middle and top-end)

and social sectors (education and health).

PROVIDING BASIC SERVICESTO THE POOR

Infrastructure access and quality are key factors

for the attractiveness of a region, growth and

improving living conditions.

term products. By supporting banks and fi nancial

systems, PROPARCO gives local players the means

to boost the economic fabric of their countries

themselves.

It offers a range of loans and lines of credit ear-

marked to fi nance SMEs, it guarantees – via its sig-

nature – loans allocated to businesses in local cur-

rency and directly shores up the capital of credit

establishments.

PROPARCO also promotes private equity invest-

ment for which it is now one of the major play-

ers in Africa. Its participation in investment funds

- with the support of local teams – helps scale up

the impacts of its fi nancing and reach the whole

SME sector.

Finally, PROPARCO supports the development of

fi nancial systems that are designed to suit the

local context, are more effi cient and benefi t from

an enhanced level of depth.

Lagos

Casablanca Tunis

Cairo

Johannesburg

Nairobi

Abidjan

Africa has a population of over a billion inhabi-

tants. The fi gure is expected to almost double by

2050. Both the continent and its market are ex-

periencing sweeping changes. Growth rates have

been high in recent years – roughly 5% a year – well

above those of Organisation for Economic Co-

operation and Development (OECD) countries.

Yet this growth is not enough to eradicate poverty:

a third of people living below the poverty line live

in Africa, mainly Sub-Saharan Africa. The continent

has huge fi nancial needs and is particularly exposed

to risks stemming from the global economic situ-

ation, as the recent food, fi nancial and economic

crises have shown.

In order to face Africa’s major challenges, it is es-

sential to boost growth and make it sustainable.

The private sector plays a key role in this. It is the

main engine of growth and job creation and ge-

nerates resources that allow States to play their

role as regulators and wealth redistributors.

It provides certain essential services and is a

key player in terms of environmental and social

concerns.

PROPARCO – a development fi nance institution

– has made Africa its priority. Its activity focuses

on fi nancing the private sector and aims to cata-

lyze private investment in the region. Its results

AFRICA: A PRIORITY GIVING SUB-SAHARAN AFRICA THE TOOLS FOR ITS GROWTH

independent. In 2008, PROPARCO allocated a $35M loan for the construction of a second cogeneration plant which has made it possible for the company to sell its production surplus(35 MW) to the national electricity supplier KPLC.Thanks to this activity, Mumias can diversify its sources of income, produce clean and renewable energy in a country which suffers from a major shortage and,at the same time, sell carbon credits on the international market. ■

and the impacts of its fi nancing both demonstrate

that investing in the South – particularly in Africa

– is profi table.

Since 2006, PROPARCO’s commitments in Africa

have more than doubled. In 2009 they accounted

for 40% of its activity. This fi gure makes PROPARCO

the most Africa-oriented development fi nance

institution in Europe.

PROPARCO works in close partnership with its

clients and can tailor its activity to local challenges

thanks to its continent-wide network of offi ces.

The offi ces in Sub-Saharan Africa are located in

Johannesburg, Lagos, Nairobi and Abidjan which

means PROPARCO covers the whole of the Sub-

Saharan region. Its presence in Africa is backed

up by three other offi ces in the Mediterranean

(Casablanca,Tunis, Cairo).

other development institutions, European, African and American banks.In addition to its impacts on power generation, it was necessary to create 1 100 jobsto build the dam. The projectwill also reduce CO2 emissionsby 1.5 million tons a year and will have limited environmental and social impacts. ■

KENYA Producing clean energy from sugar cane waste

Mumias Sugar Company, a listed company located in the Lake Victoria region, is Kenya’s largest sugar producer.Mumias is developing a policy to diversify its activities in order to face the future opening of the domestic sugar market to imports from countries in the region.This includes implementinga cogeneration project.By burning sugar cane (bagasse) waste, the company has now become almost totally energy

UGANDADoubling electricity production Uganda is one of the most lagging countries in the world in termsof access to electricity, with only 10% of the population connected to the electricity grid.The aim of the Bujagali hydropower plant projectis to bridge this defi cit.It is currently under construction with commissioning scheduled for the end of 2012. The 250 MW Bujagali dam will alone generate almost half of the energy produced in Uganda at half the cost of thermal energy. PROPARCO and AFD have cofi nanced the project implemented by Bujagali Energy Limited for an amount totaling $72.8M, alongside

PROPARCO’s fi nancing focuses on:

■ energy in order to give widespread access to

modern and clean energies;

■ transport in order to improve the lives of city

dwellers and give easier access to global markets;

■ telecommunications in order to combat the digit

divide.

All the infrastructure PROPARCO fi nances respects

the environment. PROPARCO promotes the use of

renewable energies (wind, geothermal, solar ener-

gy, mini hydro). It also promotes greater energy

effi ciency and biomass, biogas and biofuel deve-

lopment.

FACILITATING LONG-TERM INVESTMENT

PROPARCO supports bank and fi nancial interme-

diation – from microfi nance to private equity

investment – in order to give businesses and

entrepreneurs access to fi nancial and banking

services.

PROPARCO supports microfi nance development

in Africa in order to meet the needs of a large

number of local micro-entrepreneurs. It supports

microfi nance institutions, holding companies and

funds mainly operating in this sector. The range of

local banking products is mainly limited to short-

corporate segments and seeks long-term resources in orderto shore up its balance sheet and back the maturity of its resources to that of its loans.In 2009, PROPARCO granted BICIS an FCFA6.7bn line of credit witha seven year maturity.By providing long-term fi nancing in local currency, PROPARCOhas helped the bank avoida foreign exchange risk andis giving Senegalese businesses the resources they need to invest in their growth. It is consequently helping to develop the private sector and employmentin the country. ■

SENEGALLong-term fi nancingin local currency

Senegal has the second largest banking system in West Africa after Côte d’Ivoire. It is also highly competitive– over fi fteen banks share 550 000 accounts – yet the rate of access to banking services remains low (under 10%). The Banque Internationale pour le Commerce et l’Industrie au Sénégal (BICIS), the country’s third largest bank with 17% of the market, is BNP Paribas’ subsidiary in Senegal.The bank is specialized in the private customer, institutional and

PROPARCO scales up

access to energy in Africa,

a continent with immense

energy needs,

and promotes the use of

renewable energies.

Over the past 3 years:

4regional offi ces

€ 920Mof commitments

37%of business

KEY

FIG

UR

ES20

07 -

2009

RCO scales up

ergy in Africa,

with immense

energy needs,energy needs,

R

e

w

e

290 000people hooked upto electricity

300 MWof renewable energy generated

26 millionpeople connectedto a telecoms network

225 000jobs created or secured

€ 155Mcontributed to State revenues every year

© A

FD

© A

FD

© B

enoî

t Ve

rdea

ux

© B

enoî

t Ve

rdea

ux

© N

icol

as F

orna

ge

PROPARCO’s core mandate in Sub-Saharan Africa

is to promote strong growth with the aim of cre-

ating sustainable and more evenly distributed

employment.

PROPARCO’s strategy pursues several objectives:

FINANCING BUSINESSES: CREATORSOF REVENUES AND EMPLOYMENT

Businesses in Sub-Saharan Africa, more than any-

where else in the world, have extremely limited

access to fi nancing.

PROPARCO’s activity is complementary to com-

mercial banks. It supports businesses by offering

them long-term resources: loans, guarantees and

direct equity investments. It mainly fi nances the

agribusiness sector (plantations, livestock raising,

sea industries, cogeneration, subsistence indus-

tries...), the manufacturing sector (construction

materials, renewable energy equipment suppli-

ers...), the tourism industry (middle and top-end)

and social sectors (education and health).

PROVIDING BASIC SERVICESTO THE POOR

Infrastructure access and quality are key factors

for the attractiveness of a region, growth and

improving living conditions.

term products. By supporting banks and fi nancial

systems, PROPARCO gives local players the means

to boost the economic fabric of their countries

themselves.

It offers a range of loans and lines of credit ear-

marked to fi nance SMEs, it guarantees – via its sig-

nature – loans allocated to businesses in local cur-

rency and directly shores up the capital of credit

establishments.

PROPARCO also promotes private equity invest-

ment for which it is now one of the major play-

ers in Africa. Its participation in investment funds

- with the support of local teams – helps scale up

the impacts of its fi nancing and reach the whole

SME sector.

Finally, PROPARCO supports the development of

fi nancial systems that are designed to suit the

local context, are more effi cient and benefi t from

an enhanced level of depth.

Lagos

Casablanca Tunis

Cairo

Johannesburg

Nairobi

Abidjan

Africa has a population of over a billion inhabi-

tants. The fi gure is expected to almost double by

2050. Both the continent and its market are ex-

periencing sweeping changes. Growth rates have

been high in recent years – roughly 5% a year – well

above those of Organisation for Economic Co-

operation and Development (OECD) countries.

Yet this growth is not enough to eradicate poverty:

a third of people living below the poverty line live

in Africa, mainly Sub-Saharan Africa. The continent

has huge fi nancial needs and is particularly exposed

to risks stemming from the global economic situ-

ation, as the recent food, fi nancial and economic

crises have shown.

In order to face Africa’s major challenges, it is es-

sential to boost growth and make it sustainable.

The private sector plays a key role in this. It is the

main engine of growth and job creation and ge-

nerates resources that allow States to play their

role as regulators and wealth redistributors.

It provides certain essential services and is a

key player in terms of environmental and social

concerns.

PROPARCO – a development fi nance institution

– has made Africa its priority. Its activity focuses

on fi nancing the private sector and aims to cata-

lyze private investment in the region. Its results

AFRICA: A PRIORITYGIVING SUB-SAHARAN AFRICA THE TOOLS FOR ITS GROWTH

independent. In 2008, PROPARCO allocated a $ 35M loan for the construction of a second cogeneration plant which has made it possible for the company to sell its production surplus(35 MW) to the national electricity supplier KPLC.Thanks to this activity, Mumias can diversify its sources of income, produce clean and renewable energy in a country which suffers from a major shortage and,at the same time, sell carbon credits on the international market. ■

and the impacts of its fi nancing both demonstrate

that investing in the South – particularly in Africa

– is profi table.

Since 2006, PROPARCO’s commitments in Africa

have more than doubled. In 2009 they accounted

for 40% of its activity. This fi gure makes PROPARCO

the most Africa-oriented development fi nance

institution in Europe.

PROPARCO works in close partnership with its

clients and can tailor its activity to local challenges

thanks to its continent-wide network of offi ces.

The offi ces in Sub-Saharan Africa are located in

Johannesburg, Lagos, Nairobi and Abidjan which

means PROPARCO covers the whole of the Sub-

Saharan region. Its presence in Africa is backed

up by three other offi ces in the Mediterranean

(Casablanca,Tunis, Cairo).

other development institutions, European, African and American banks.In addition to its impacts on power generation, it was necessary to create 1 100 jobsto build the dam. The projectwill also reduce CO2 emissionsby 1.5 million tons a year and will have limited environmental and social impacts. ■

KENYA Producing clean energy from sugar cane waste

Mumias Sugar Company, a listed company located in the Lake Victoria region, is Kenya’s largest sugar producer.Mumias is developing a policy to diversify its activities in order to face the future opening of the domestic sugar market to imports from countries in the region.This includes implementinga cogeneration project.By burning sugar cane (bagasse) waste, the company has now become almost totally energy

UGANDADoubling electricity production Uganda is one of the most lagging countries in the world in termsof access to electricity, with only 10% of the population connected to the electricity grid.The aim of the Bujagali hydropower plant projectis to bridge this defi cit.It is currently under construction with commissioning scheduled for the end of 2012. The 250 MW Bujagali dam will alone generate almost half of the energy produced in Uganda at half the cost of thermal energy. PROPARCO and AFD have cofi nanced the project implemented by Bujagali Energy Limited for an amount totaling $ 72.8M, alongside

PROPARCO’s fi nancing focuses on:

■ energy in order to give widespread access to

modern and clean energies;

■ transport in order to improve the lives of city

dwellers and give easier access to global markets;

■ telecommunications in order to combat the digit

divide.

All the infrastructure PROPARCO fi nances respects

the environment. PROPARCO promotes the use of

renewable energies (wind, geothermal, solar ener-

gy, mini hydro). It also promotes greater energy

effi ciency and biomass, biogas and biofuel deve-

lopment.

FACILITATING LONG-TERM INVESTMENT

PROPARCO supports bank and fi nancial interme-

diation – from microfi nance to private equity

investment – in order to give businesses and

entrepreneurs access to fi nancial and banking

services.

PROPARCO supports microfi nance development

in Africa in order to meet the needs of a large

number of local micro-entrepreneurs. It supports

microfi nance institutions, holding companies and

funds mainly operating in this sector. The range of

local banking products is mainly limited to short-

corporate segments and seeks long-term resources in orderto shore up its balance sheet and back the maturity of its resources to that of its loans.In 2009, PROPARCO granted BICIS an FCFA6.7bn line of credit witha seven year maturity.By providing long-term fi nancing in local currency, PROPARCOhas helped the bank avoida foreign exchange risk andis giving Senegalese businesses the resources they need to invest in their growth. It is consequently helping to develop the private sector and employmentin the country. ■

SENEGALLong-term fi nancingin local currency

Senegal has the second largest banking system in West Africa after Côte d’Ivoire. It is also highly competitive– over fi fteen banks share 550 000 accounts – yet the rate of access to banking services remains low (under 10%). The Banque Internationale pour le Commerce et l’Industrie au Sénégal (BICIS), the country’s third largest bank with 17% of the market, is BNP Paribas’ subsidiary in Senegal.The bank is specialized in the private customer, institutional and

PROPARCO scales up

access to energy in Africa,

a continent with immense

energy needs,

and promotes the use of

renewable energies.

Over the past 3 years:

4regional offi ces

€ 920Mof commitments

37%of business

KEY

FIG

UR

ES20

07 -

2009

RCO scales up

ergy in Africa,

with immense

energy needs,energy needs,

R

e

w

e

290 000people hooked upto electricity

300 MWof renewable energy generated

26 millionpeople connectedto a telecoms network

225 000jobs created or secured

€ 155Mcontributed to State revenues every year

© A

FD

© A

FD

© B

enoî

t Ve

rdea

ux

© B

enoî

t Ve

rdea

ux

© N

icol

as F

orna

ge

PROPARCO’s core mandate in Sub-Saharan Africa

is to promote strong growth with the aim of cre-

ating sustainable and more evenly distributed

employment.

PROPARCO’s strategy pursues several objectives:

FINANCING BUSINESSES: CREATORSOF REVENUES AND EMPLOYMENT

Businesses in Sub-Saharan Africa, more than any-

where else in the world, have extremely limited

access to fi nancing.

PROPARCO’s activity is complementary to com-

mercial banks. It supports businesses by offering

them long-term resources: loans, guarantees and

direct equity investments. It mainly fi nances the

agribusiness sector (plantations, livestock raising,

sea industries, cogeneration, subsistence indus-

tries...), the manufacturing sector (construction

materials, renewable energy equipment suppli-

ers...), the tourism industry (middle and top-end)

and social sectors (education and health).

PROVIDING BASIC SERVICESTO THE POOR

Infrastructure access and quality are key factors

for the attractiveness of a region, growth and

improving living conditions.

term products. By supporting banks and fi nancial

systems, PROPARCO gives local players the means

to boost the economic fabric of their countries

themselves.

It offers a range of loans and lines of credit ear-

marked to fi nance SMEs, it guarantees – via its sig-

nature – loans allocated to businesses in local cur-

rency and directly shores up the capital of credit

establishments.

PROPARCO also promotes private equity invest-

ment for which it is now one of the major play-

ers in Africa. Its participation in investment funds

- with the support of local teams – helps scale up

the impacts of its fi nancing and reach the whole

SME sector.

Finally, PROPARCO supports the development of

fi nancial systems that are designed to suit the

local context, are more effi cient and benefi t from

an enhanced level of depth.

Lagos

Casablanca Tunis

Cairo

Johannesburg

Nairobi

Abidjan

Africa has a population of over a billion inhabi-

tants. The fi gure is expected to almost double by

2050. Both the continent and its market are ex-

periencing sweeping changes. Growth rates have

been high in recent years – roughly 5% a year – well

above those of Organisation for Economic Co-

operation and Development (OECD) countries.

Yet this growth is not enough to eradicate poverty:

a third of people living below the poverty line live

in Africa, mainly Sub-Saharan Africa. The continent

has huge fi nancial needs and is particularly exposed

to risks stemming from the global economic situ-

ation, as the recent food, fi nancial and economic

crises have shown.

In order to face Africa’s major challenges, it is es-

sential to boost growth and make it sustainable.

The private sector plays a key role in this. It is the

main engine of growth and job creation and ge-

nerates resources that allow States to play their

role as regulators and wealth redistributors.

It provides certain essential services and is a

key player in terms of environmental and social

concerns.

PROPARCO – a development fi nance institution

– has made Africa its priority. Its activity focuses

on fi nancing the private sector and aims to cata-

lyze private investment in the region. Its results

AFRICA: A PRIORITYGIVING SUB-SAHARAN AFRICA THE TOOLS FOR ITS GROWTH

independent. In 2008, PROPARCO allocated a $ 35M loan for the construction of a second cogeneration plant which has made it possible for the company to sell its production surplus(35 MW) to the national electricity supplier KPLC.Thanks to this activity, Mumias can diversify its sources of income, produce clean and renewable energy in a country which suffers from a major shortage and,at the same time, sell carbon credits on the international market. ■

and the impacts of its fi nancing both demonstrate

that investing in the South – particularly in Africa

– is profi table.

Since 2006, PROPARCO’s commitments in Africa

have more than doubled. In 2009 they accounted

for 40% of its activity. This fi gure makes PROPARCO

the most Africa-oriented development fi nance

institution in Europe.

PROPARCO works in close partnership with its

clients and can tailor its activity to local challenges

thanks to its continent-wide network of offi ces.

The offi ces in Sub-Saharan Africa are located in

Johannesburg, Lagos, Nairobi and Abidjan which

means PROPARCO covers the whole of the Sub-

Saharan region. Its presence in Africa is backed

up by three other offi ces in the Mediterranean

(Casablanca,Tunis, Cairo).

other development institutions, European, African and American banks.In addition to its impacts on power generation, it was necessary to create 1 100 jobsto build the dam. The projectwill also reduce CO2 emissionsby 1.5 million tons a year and will have limited environmental and social impacts. ■

KENYA Producing clean energy from sugar cane waste

Mumias Sugar Company, a listed company located in the Lake Victoria region, is Kenya’s largest sugar producer.Mumias is developing a policy to diversify its activities in order to face the future opening of the domestic sugar market to imports from countries in the region.This includes implementinga cogeneration project.By burning sugar cane (bagasse) waste, the company has now become almost totally energy

UGANDADoubling electricity production Uganda is one of the most lagging countries in the world in termsof access to electricity, with only 10% of the population connected to the electricity grid.The aim of the Bujagali hydropower plant projectis to bridge this defi cit.It is currently under construction with commissioning scheduled for the end of 2012. The 250 MW Bujagali dam will alone generate almost half of the energy produced in Uganda at half the cost of thermal energy. PROPARCO and AFD have cofi nanced the project implemented by Bujagali Energy Limited for an amount totaling $ 72.8M, alongside

PROPARCO’s fi nancing focuses on:

■ energy in order to give widespread access to

modern and clean energies;

■ transport in order to improve the lives of city

dwellers and give easier access to global markets;

■ telecommunications in order to combat the digit

divide.

All the infrastructure PROPARCO fi nances respects

the environment. PROPARCO promotes the use of

renewable energies (wind, geothermal, solar ener-

gy, mini hydro). It also promotes greater energy

effi ciency and biomass, biogas and biofuel deve-

lopment.

FACILITATING LONG-TERM INVESTMENT

PROPARCO supports bank and fi nancial interme-

diation – from microfi nance to private equity

investment – in order to give businesses and

entrepreneurs access to fi nancial and banking

services.

PROPARCO supports microfi nance development

in Africa in order to meet the needs of a large

number of local micro-entrepreneurs. It supports

microfi nance institutions, holding companies and

funds mainly operating in this sector. The range of

local banking products is mainly limited to short-

corporate segments and seeks long-term resources in orderto shore up its balance sheet and back the maturity of its resources to that of its loans.In 2009, PROPARCO granted BICIS an FCFA6.7bn line of credit witha seven year maturity.By providing long-term fi nancing in local currency, PROPARCOhas helped the bank avoida foreign exchange risk andis giving Senegalese businesses the resources they need to invest in their growth. It is consequently helping to develop the private sector and employmentin the country. ■

SENEGALLong-term fi nancingin local currency

Senegal has the second largest banking system in West Africa after Côte d’Ivoire. It is also highly competitive– over fi fteen banks share 550 000 accounts – yet the rate of access to banking services remains low (under 10%). The Banque Internationale pour le Commerce et l’Industrie au Sénégal (BICIS), the country’s third largest bank with 17% of the market, is BNP Paribas’ subsidiary in Senegal.The bank is specialized in the private customer, institutional and

PROPARCO scales up

access to energy in Africa,

a continent with immense

energy needs,

and promotes the use of

renewable energies.

Over the past 3 years:

4regional offi ces

€ 920Mof commitments

37%of business

KEY

FIG

UR

ES20

07 -

2009

RCO scales up

ergy in Africa,

with immense

energy needs,energy needs,

R

e

w

e

290 000people hooked upto electricity

300 MWof renewable energy generated

26 millionpeople connectedto a telecoms network

225 000jobs created or secured

€ 155Mcontributed to State revenues every year

© A

FD

© A

FD

© B

enoî

t Ve

rdea

ux

© B

enoî

t Ve

rdea

ux

© N

icol

as F

orna

ge

CUSTOMIZED FINANCIAL SOLUTIONS PROPARCO is a development fi nance institution jointly held by Agence

Française de Développement (AFD) and public and private shareholders

from the North and South. The company has a mandate to galvanize

private investment in emerging and developing countries with the aim of

supporting growth, sustainable development and the achievement of the

Millennium Development Goals (MDGs).

PROPARCO was founded thirty years ago on the conviction that the

private sector is a key player in development. It tripled its capital in 2008.

PROPARCO fi nances investments that are economically viable, socially

equitable, environmentally sustainable and fi nancially profi table. It tailors

its sectoral strategy to the level of development of each country and

focuses on productive sectors, fi nancial systems, infrastructure and priva-

te equity investment. PROPARCO invests in a vast geographical area that

encompasses both the major emerging countries and the poorest coun-

tries, particularly Africa. The company has extremely high requirements in

terms of social and environmental responsibility.

PROPARCO offers a full range of fi nancial products tailored to the needs

of private investors in developing countries (loans, equity, guarantees and

fi nancial engineering). In 2009, PROPARCO invested 1.1 billion euros in

eighty projects in over thirty countries.

WEST AFRICA

Boulevard François Mitterrand

01 BP 1814

Abidjan, Côte d’Ivoire

Tel.: (225) 22 40 70 40

Fax: (225) 22 44 21 78

proparcoabidjan@afd.fr

NIGERIA

AND CENTRAL AFRICA

Melrose Offi ce suites

Phoenix House Plot 26E

Abdulrahman Okene

Close Off Ligali Ayorinde Street

Victoria Island

Lagos, Nigeria

Tel.: (234) 12705740

EAST AFRICA

Royal Ngao House

Hospital Road

P.O Box 45995

00100 Nairobi, Kenya

Tel.: (254) 20 271 12 34

(254) 20 271 10 58

Fax: (254) 20 271 79 88

afdnairobi@groupe-afd.org

www.proparco.fr

151, rue Saint - Honoré

75001 Paris

Tel.: +33 1 53 44 31 08

Fax: +33 1 53 44 38 38

SOUTHERN AFRICAAND MADAGASCAR

Ballywoods Offi ce Park

Ironwood House, 1st Floor

29 Ballyclare Drive, Bryanston

P.O. Box 786555

Sandton 2146

Johannesburg, South Africa

Tel.: (27) 11 540 7100

Fax: (27) 11 540 7117

proparcojohannesbourg@afd.fr

PROPARCO focuses exclusively on long-term fi nan-

cing in countries or for counterparts that are con-

sidered too risky by commercial banks. It offers a

range of fi nancial products that are complemen-

tary to traditional commercial products.

■ Equity investments

PROPARCO always acquires minority stakes which

are destined to be sold after a 4 to 8 year period,

once the business has reached a level of maturity

that allows it to raise capital on markets or request

fi nancing from private investors.

PROPARCO makes both equity and quasi-equity

investments: capital, preferential shares, conver-

tible bonds and participation loans.

PROPARCO also invests in equity in investment

funds. In Sub -Saharan Africa it supports the crea-

tion or development of regional funds dedicated

to SME fi nancing. It provides a wide range of pro-

ducts, in particular via the Investment and Support

Fund for Businesses in Africa (FISEA).

■ Loans

PROPARCO tailors its medium and long-term loan

products to the depth of each market. It offers

senior, junior, mezzanine and subordinated loans

ranging between €5M and €100M (the average

being €13M). Maturities range between 5 and 15

years depending on project requirements. These

loans may be denominated in euros, dollars or local

currencies.

■ Foreign currency products

PROPARCO offers guarantees or direct loans in local

currency in order to reduce the foreign exchange

risk. Its signature is a guarantee of solvency and

may take several forms:

■ Guarantees for bond issues or other

market products;

■ Guarantees for interbank loans;

■ Guarantees for loans in local currency;

■ Liquidity guarantees for mutual funds.

PROPARCO inSub -Saharan Africa

© Michel Hasson

© B

.Ver

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r ©

Ben

oît

Verd

eaux

small-scale investments in traditionally neglected sectors (agriculture, microfi nance, new energies, health, education...).It has a €50M annual investment target for a fi ve-year period. Unit amounts range between €1M and €10M and can be coupled with fi nancing for technical assistance. FISEA aims to galvanize economic growth in this region. ■

FISEAA new equity fi nancing solution in Sub-Saharan Africa

FISEA is an investment fund that takes equity participations in businesses, banks and microfi nance institutions, as well as investment funds operatingin Sub-Saharan Africa. FISEA was set up in Paris in 2009. The fundis hosted by Agence Françaisede Développement and managedby PROPARCO.FISEA aims to be complementary to traditional private funds.It focuses on investments carrying a higher risk in unstable orpost-crisis regions and makes

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CUSTOMIZED FINANCIAL SOLUTIONS PROPARCO is a development fi nance institution jointly held by Agence

Française de Développement (AFD) and public and private shareholders

from the North and South. The company has a mandate to galvanize

private investment in emerging and developing countries with the aim of

supporting growth, sustainable development and the achievement of the

Millennium Development Goals (MDGs).

PROPARCO was founded thirty years ago on the conviction that the

private sector is a key player in development. It tripled its capital in 2008.

PROPARCO fi nances investments that are economically viable, socially

equitable, environmentally sustainable and fi nancially profi table. It tailors

its sectoral strategy to the level of development of each country and

focuses on productive sectors, fi nancial systems, infrastructure and priva-

te equity investment. PROPARCO invests in a vast geographical area that

encompasses both the major emerging countries and the poorest coun-

tries, particularly Africa. The company has extremely high requirements in

terms of social and environmental responsibility.

PROPARCO offers a full range of fi nancial products tailored to the needs

of private investors in developing countries (loans, equity, guarantees and

fi nancial engineering). In 2009, PROPARCO invested 1.1 billion euros in

eighty projects in over thirty countries.

WEST AFRICA

Boulevard François Mitterrand

01 BP 1814

Abidjan, Côte d’Ivoire

Tel.: (225) 22 40 70 40

Fax: (225) 22 44 21 78

proparcoabidjan@afd.fr

NIGERIA

AND CENTRAL AFRICA

Melrose Offi ce suites

Phoenix House Plot 26E

Abdulrahman Okene

Close Off Ligali Ayorinde Street

Victoria Island

Lagos, Nigeria

Tel.: (234) 12705740

EAST AFRICA

Royal Ngao House

Hospital Road

P.O Box 45995

00100 Nairobi, Kenya

Tel.: (254) 20 271 12 34

(254) 20 271 10 58

Fax: (254) 20 271 79 88

afdnairobi@groupe-afd.org

www.proparco.fr

151, rue Saint - Honoré

75001 Paris

Tel.: +33 1 53 44 31 08

Fax: +33 1 53 44 38 38

SOUTHERN AFRICAAND MADAGASCAR

Ballywoods Offi ce Park

Ironwood House, 1st Floor

29 Ballyclare Drive, Bryanston

P.O. Box 786555

Sandton 2146

Johannesburg, South Africa

Tel.: (27) 11 540 7100

Fax: (27) 11 540 7117

proparcojohannesbourg@afd.fr

PROPARCO focuses exclusively on long-term fi nan-

cing in countries or for counterparts that are con-

sidered too risky by commercial banks. It offers a

range of fi nancial products that are complemen-

tary to traditional commercial products.

■ Equity investments

PROPARCO always acquires minority stakes which

are destined to be sold after a 4 to 8 year period,

once the business has reached a level of maturity

that allows it to raise capital on markets or request

fi nancing from private investors.

PROPARCO makes both equity and quasi-equity

investments: capital, preferential shares, conver-

tible bonds and participation loans.

PROPARCO also invests in equity in investment

funds. In Sub -Saharan Africa it supports the crea-

tion or development of regional funds dedicated

to SME fi nancing. It provides a wide range of pro-

ducts, in particular via the Investment and Support

Fund for Businesses in Africa (FISEA).

■ Loans

PROPARCO tailors its medium and long-term loan

products to the depth of each market. It offers

senior, junior, mezzanine and subordinated loans

ranging between €5M and €100M (the average

being €13M). Maturities range between 5 and 15

years depending on project requirements. These

loans may be denominated in euros, dollars or local

currencies.

■ Foreign currency products

PROPARCO offers guarantees or direct loans in local

currency in order to reduce the foreign exchange

risk. Its signature is a guarantee of solvency and

may take several forms:

■ Guarantees for bond issues or other

market products;

■ Guarantees for interbank loans;

■ Guarantees for loans in local currency;

■ Liquidity guarantees for mutual funds.

PROPARCO inSub -Saharan Africa

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small-scale investments in traditionally neglected sectors (agriculture, microfi nance, new energies, health, education...).It has a €50M annual investment target for a fi ve-year period. Unit amounts range between €1M and €10M and can be coupled with fi nancing for technical assistance. FISEA aims to galvanize economic growth in this region. ■

FISEAA new equity fi nancing solution in Sub-Saharan Africa

FISEA is an investment fund that takes equity participations in businesses, banks and microfi nance institutions, as well as investment funds operatingin Sub-Saharan Africa. FISEA was set up in Paris in 2009. The fundis hosted by Agence Françaisede Développement and managedby PROPARCO.FISEA aims to be complementary to traditional private funds.It focuses on investments carrying a higher risk in unstable orpost-crisis regions and makes

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