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Project profile for Canada Investment Fund for Africa
| Title | Canada Investment Fund for Africa |
|---|---|
| Project Number | A032944-001 |
| Maximum CIDA Contribution | $ 100,000,000 |
| Executing Agency - Partner | CIFA GP Limited |
| Status | Operational |
| Start - End | 2005 - 2013 |
| Country | |
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| Sector(s) | |
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Private sector development
Industrial development (032120): 30% Mineral prospection and exploration (032220): 30% Privatization (025020): 20% Formal sector financial intermediaries (024030): 10% Small and medium-sized enterprises (SME) development (032130): 10% |
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| Description | |
| The Canada Investment Fund for Africa (CIFA) is a Government of Canada initiative created to provide risk capital for investment in Africa; as such, it is an important component of Canada’s contribution to private sector development in Africa. The Government of Canada investment of $100 million has leveraged an additional $160 million for investments in fifteen individual African companies in the oil and gas, mining, consumer goods, financial services, agribusiness, manufacturing, and logistics sectors, as well as two regional equity funds targeting small and medium-sized enterprises (SMEs). | |
| Expected Results | |
| This is a new feature, part of CIDA's efforts towards increasing transparency. Information will only be available for projects approved after October 15, 2011. For other projects, information on expected results is usually included in the description. | |
| Progress and Results Achieved | |
| As of March 2011, the CIFA project had resulted in increasing public-private investment and foreign direct investments into Africa. As a result of this project, the Government of Canada helped build one of the largest pan-African pools of equity finance in Sub-Saharan Africa. The fund became fully capitalized in June 2006 at $262 million, leveraging the Government of Canada's $100 million commitment 1.6 times. In addition, public investments in CIFA from Canada and the United Kingdom (UK) have attracted 7 private investors from Canada, the US, UK, Ghana and South Africa. CIFA capital is invested in 15 individual companies (four of which are Canadian) in the oil and gas, mining, consumer goods, financial services, agribusiness, manufacturing, and logistics sectors across the African continent. | |
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