The Board of Directors of the African Development Bank Group (AfDB) yesterday approved $10 million equity investment in Phatisa Food Fund2 (PFF2) to boost agriculture and nutrition across Africa.
The PFF2 is a second generation Fund which builds on the success of its predecessor African Agriculture Fund (AAF), sponsored by AfDB along with other DFIs including the French Development Agency (AFD), the International Fund for Agricultural Development (IFAD), and the Spanish Agency for International Cooperation and Development (AECID).
Phatisa, PFF2s fund manager, is a South-Africa based private-equity, corporate finance and advisory company operating across Africa, incorporated in January 2008 as a limited company in Mauritius.
“Phatisa” is Xhosa word for “helping to carry.” PFF2 is targeting a capitalization of $300 million to invest across Africa with a focus on Sub-Saharan Africa. It is projected to cover the entire African continent, with a sharper focus on Sub-Saharan Africa, relying on its presence in South Africa, Kenya, and Zambia, Mauritius and London and a new office opening in Côte d’Ivoire.
Presently, the Fund targets average investment amounts of US$ 20 million in Cote d’Ivoire, Ghana and Nigeria in West Africa; Kenya, Tanzania and Uganda in East Africa and Mozambique, Malawi, Zambia and Zimbabwe in southern Africa.