Arise IIP, a company that develops and operates industrial parks across Africa, and Africa Finance Corporation (AFC), have announced the signing of a memorandum of understanding to establish a dedicated $100 million capital pool for African entrepreneurs who are establishing operations within any of the Arise IIP Special Economic Zones (SEZ) in Africa. Arise IIP is currently developing the Bugesera special economic zone. According to the press statement, at the heart of this partnership is a shared vision to uplift African entrepreneurs by providing them with much needed financing and advisory services to catalyse growth. ALSO READ: Why joint venture to develop Bugesera special economic zone is timely AFC said it will also actively seek financing from Export Credit Agencies (ECAs), local and regional financial institutions to mobilise funding to support these companies. Under the partnership, AFC's financial services offerings will extend beyond financing to include financial advisory support for corporate finance, equipment financing and market entry including assisting with joint ventures and technical partnerships for sponsors that may require it to ensure they are well-equipped to seize opportunities and thrive within the SEZs. “ARISE IIP is about empowerment. By empowering our customers, and ensuring they have the robust financial support needed to meet their operational objectives, this collaboration with Africa Finance Corporation, our long-lasting partner, takes us one step closer to realising our vision of an industrialised and prosperous Africa,” said Gagan Gupta, CEO of Arise IIP. ALSO READ: Bugesera Special Economic Zone attracting investors before completion The partnership is expected to enable ARISE IIP to cultivate a vibrant ecosystem that nurtures entrepreneurship and drives sustainable economic development across the continent. “By collaborating with our investee company Arise IIP and African entrepreneurs in our Special Economic Zones, we aim to foster an ecosystem that will increase trade, create jobs, and drive economic advancement on the continent,” Samaila Zubairu, President & CEO of AFC said.
