The fund is designed to support high-potential local businesses in various sectors, including agriculture, health, energy, water, industry, and services.

The EIB joins the West African Development Bank (BOAD) and Proparco as one of the first investors in IPAE 3, with the goal of attracting additional public and private sector contributors to expand the fund’s impact.

EIB Vice-President Ambroise Fayolle emphasized the significance of this investment, particularly in West Africa and Madagascar, where access to financial support for startups remains limited.

“This initiative aims to provide financing for startups and assist in their growth, fostering responsible entrepreneurship and empowering women entrepreneurs. By doing so, we are contributing to job creation and the development of future business leaders,” Fayolle stated.S

ébastien Boyé, Co-CEO of Investisseurs & Partenaires, expressed pride in the ongoing collaboration with the EIB, a partnership that has spanned nearly two decades.

“The EIB’s early commitment to IPAE 3 is instrumental in the success of this fundraising round. It underscores confidence in our approach and expertise. The fund aims to provide financial support to responsible and innovative businesses that tackle Africa’s most pressing challenges while promoting economic inclusion, particularly for women,” Boyé noted.

With this latest investment, IPAE 3 is set to drive economic development across Africa by funding enterprises that contribute to sustainable growth and social impact.