A Kenyan has been appointed to head a new funds drive worth $100 million (Kshs10 billion) at the African Export-Import Bank (Afreximbank).
Philip Kamau, a banker, was selected to head the project dubbed Export Development in Africa (FEDA).
The fund seeks to invest in all market segments in Africa with a major focus centred around small and medium-sized enterprises.
Announcing the appointment, Afreximbank President Benedict Oramah revealed that FEDA sought to provide equity capital alongside non-financial and support services for African businesses.
“The long-term objective of FEDA is the provision of equity capital and related financial, non-financial and support services to operators in Africa’s tradable and support sectors, with emphasis on activities that support intra-African trade and value-added exports,” stated the President.
Accepting the new role, Kamau disclosed that the bank had run a study and discovered that there was a wide funding gap hence hindering intra-African business growth.
“Feda would start investment activities in 2019, with a target to invest $10 million (about Ksh1 billion) during the year. It is also targeting to raise $450 million (about Ksh45 billion) in FDI during the period,” he remarked.
Prior to the appointment, Kamau worked as a senior director in charge of finance at the international lender.
FEDA will have its headquarters in Mauritius.
Since 1994, the bank has sent out credit facilities worth Ksh4.1 trillion for African businesses.
