Commonwealth Development Corporation (CDC) Group has continued to provide financial support to small and medium enterprises in Nigeria. The CDC Group recently announced another round of investment that supports the developmental plans of CardinalStone Capital Advisors Growth Fund (CCA).
Commonwealth Development Corporation (CDC) Group has continued to provide financial support to small and medium enterprises in Nigeria. The CDC Group recently announced another round of investment that supports the developmental plans of CardinalStone Capital Advisors Growth Fund (CCA).
CDC Group invested $15 million in CCA to enable them execute their developmental projects for small and medium businesses within Nigeria. The partnership between these two firms has spanned over two years, with CDC playing a key role in the formation of the fund.
This funding is among various investment CDC has made for the growth of Africa businesses. Recall that the United Kingdom’s development finance institution had entered into a master risk participation agreement worth $100 million with African Export-Import Bank (Afrexim) last year November.
According to a report by Digest Africa, CDC Group, alongside African investment firm, Kuramo, have facilitated additional investment of $15 million from FMO; a Dutch development bank, and NSIA (the Nigerian sovereign wealth fund). Despite attaining funding of $50 million at first close, CCA still plans to raise up to $100 million by final close of the Fund.
Beneficiaries of Fund
CardinalStone Capital Advisors Growth Fund allocates investment into six sectors, agriculture, industrials, FMCG, healthcare, education, and financial services. Companies operating in these sectors that support job creation and import substitution to diversify the Nigerian economy are expected beneficiaries of this fund.
Originally posted on
https://nairametrics.com/2019/01/18/cdc-invest-15million-in-cca-to-support-nigerias-smes/
