May 4th, 2011 by Tom Minney
A private equity fund that invests in housing, agriculture, education and health says it has raised more than $250 million for its first fund, Vital Capital Fund I. Eytan Stibbe, founding managing partner at Vital Capital Investments LP (www.vital-capital.com) and chief investment officer was reported as telling Bloomberg yesterday (3 May) the fund aimed to invest in Angola, Ghana and Mozambique.
The fund includes retired U.S. Army General Wesley Clark among its advisory board members, is a proponent of “impact investing,” a strategy that places capital in ventures with social or environmental goals.
Stibbe says Vital Capital has already invested in Kora Housing, a developer of affordable housing in Angola. It aims to raise another $250 million.
November 17th, 2010 by Tom Minney
A UK-Mozambique Investment Forum 2010, is coming to London on 2 December. It is organized by the Government of Mozambique, with Africa Matters Limited and Developing Markets Associates. The Government of Mozambique is sending a high-level delegation, led by Hon Oldemiro Marques Baloi, (Minister of Foreign Affairs and Cooperation), accompanied by Hon José Pacheco (Minister of Agriculture) and Hon Paulo Zuchula (Minister of Transport and Communications). Other ministries to be represented include finance, tourism, mineral resources and the Central Bank of Mozambique and other high-ranking officials and business leaders.
Mozambique has had consistently high economic growth recently. Topics include the economic outlook and investment opportunity, including inputs from the Investment Promotion Centre. Tourism, agriculture, mining and infrastructure development are all key sectors for investment and each has its own session, featuring top private sector investors and leading Government officers and ministers.
According to the promoters: “The day’s programme is designed to paint a contemporary picture of the investment climate in Mozambique and the country’s on-going efforts to attract foreign direct investment. This will be followed by further bilateral meetings, as may be required, on specific investment opportunities. The audience at the Forum will include many of the most senior institutional investors in Europe and will be one of the most significant promotions to date of Mozambique’s efforts to attract investment on the international stage.”
Top UK speakers and participants include Stephen O’Brien, Under-Secretary of State for International Development, Lord Mark Malloch Brown (Royal African Society), Lord Richard Newby (Lib-Dem Treasury spokesperson) as well as Baroness Lynda Chalker, Chairman, Africa Matters Limited. Co-organizer is the High Commission of Mozambique.
For more information and invitations contact Robyn Kingston at Developing Markets Associates on tel: +44 (0)203 117 2500 or email robyn.kingston[at]developingmarkets[dot]com.
August 29th, 2010 by Tom Minney
South Africa’s Standard Bank (www.standardbank.com) will provide $100 million as credit to up to 750,000 farmers in 4 African countries in the next 3 years, according to an interview given by Clive Tasker, CEO for Africa, to Reuters newsagency. The bank is to offer the credit in Uganda, Ghana, Mozambique and Tanzania to help boost agricultural production and economic growth. It is a pilot scheme agreed with some institutions and aims to boost export crops.
Reuters quotes Tasker as saying: “This scheme will disburse loans to small-holders of up to $100 million over the next 3 years and will potentially benefit up to 750,000 small-scale farmers.” He said the bank was also planning a broader financing scheme for other farmers in Africa and would consider projects that aimed at raising production of cash crops: “We are committed to financing agriculture across the full scope of the industry.”
Priority will go to growing crops such as cocoa in Ghana and cashew nuts in Mozambique. “We will help farmers with the right seeds, fertilisers, and ask them to have crop insurance to mitigate our risks,” Tasker said. He added the bank would finance farmers’ co-operatives and agro-businesses to boost trade. Increased production of crops would help African economies to grow and lift millions of people out of poverty.
Reuters reports that Africa has vast water resources and arable land but also food shortages, and says analysts partly blame this on mismanagement of funds, poor government policies and lack of support infrastructure for farmers.
Standard Bank said there was increasing global demand for African produced cocoa, coffee, tea and horticultural crops. Reuters says there is also increased investment, including equity funds seeking land deals and South African and other farmers who are investing in other African countries to grow cash crops.