East Africa: Development Funds put $40m into Private Equity for Microfinance

Mar 2012
Nairobi, Kenya, March, 08 2012 - East Africa has just gained its 30th home-based private equity fund. Progression Capital Africa’s first fund, which was launched in Nairobi on Thursday, will put $40m to work in microfinance across the region. Investing funds from three European state-backed development institutions, it’s ready to accept gains of only 10 per cent to 15 per cent – far less than the 30 per cent sought by private sector investors – as long as the projects generate decent social benefits.

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