The European Investment Bank (EIB Global) has invested €25 million in Amethis Fund III, a pan-African fund providing private equity growth capital to medium-sized companies on the continent. Amethis has directly supported the growth of more than 30 African companies, employing over 40,000 people. In Kenya, for example, Amethis has supported the well-known Naivas Supermarket and aims to support more companies.
Amethis Fund III will focus on companies that supply goods and services to Africa’s low- and middle-income populations. The targeted sectors include healthcare, business services such as logistics and IT, manufacturing and distribution including agribusiness and fast-moving consumer goods, non-banking financial services, and services related to infrastructure and energy.
The fund’s strategy aligns with EIB Global’s investment goals and the EU’s Global Gateway strategy by promoting economic development in various geographies, notably sub-Saharan countries. The fund will pursue an impact-driven strategy developed by Amethis to address critical issues for the continent’s sustainable development. This includes a focus on gender equality, sustainable employment—with an emphasis on health coverage—and climate considerations.
EIB Vice President Thomas Östros commented on the deal: “The EIB is happy to support Amethis in its effort to invest in small companies in low- and middle-income countries across Africa. We see Africa as a close and important partner to the Bank, which has a lot of potential and untapped opportunities. However, African enterprises still do not have enough patient equity capital they need for them to grow, which is what our partnership with funds like Amethis seeks to address.”
“Private capital is a powerful driver of economic development in Africa. Private equity funds, through investment in local enterprises, are playing a catalytic role by bringing external funding as well as knowledge and technical expertise to the companies they invest in,” he added.
Luc Rigouzzo and Laurent Demey, Managing Partners at Amethis, said, “We are proud to receive the renewed support from the European Investment Bank. Building upon our prior collaborations, its strategic support will allow us to continue helping medium-sized companies deliver better goods and services to African consumers and to become African champions by promoting their regional integration and sustainable economic growth.”
The EIB has invested nearly €3 billion in equity funds focused on Africa. Some of these funds are country-specific, while others have a regional focus. The EIB’s early investments have had a catalytic effect in attracting other investors to these funds due to the Bank’s adherence to best market practices in terms of ESG (Environmental, Social, and Governance), thereby ensuring maximum impact at the portfolio company level.
Twelve years after its creation, Amethis has supported the growth of more than 30 African companies employing directly over 40,000 people. These companies not only contribute to the development of a high-quality economic fabric but also address important sustainable development goals for the continent.
Amethis benefits from a strong on-the-ground presence in four African capitals—Nairobi, Abidjan, Casablanca, and Cairo. This presence helps identify new opportunities and monitor market evolution in each country, allowing Amethis to build a reputation as a trusted partner that accompanies companies in their expansion phases, favouring value creation and impact.
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