The Fund for the Development of Exports in Africa (Feda), a subsidiary of the African Import-Export Bank (Afreximbank), announced this Wednesday, October 6 through a press release, the signing of a joint-venture agreement with Gateway Partners for the establishment of the Africa Credit Opportunities Fund (ACOF), which will be based in Singapore.
ACOF’s goal is said to be to provide essential financial solutions to businesses in Africa. It will focus on the growing opportunity for high-quality structured credit instruments for businesses across the continent.
Also considered as a unique platform that will bring together the institutional experience and relationships of Afreximbank and Gateway, ACOF will also stimulate the growth of intra-African trade, among others. “This fund, which we support with a significant capital commitment, allows us to increase the Bank’s impact and offer new products and solutions to new and existing clients,” says Prof. Benedict Oramah, President of Afreximbank.
Gateway Partner CEO Viswanathan Shankar said his company “is delighted to partner with FEDA in this transformation effort. The demand for credit in the continent is expected to increase, while the supply remains limited ”.
Founded in 2014, Gateway Partners is a Singapore-based private equity firm.