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Newsletter # 21 | April 2018

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IN THIS NEWSLETTER:

▬▬▬▬▬▬▬▬▬▬▬ EDITO ▬▬▬▬▬▬▬▬▬▬▬

Bénédicte SCHUTZ

Director of Monaco's Department of International Cooperation

In 2017, we celebrated the 15^th anniversary of Investisseurs & Partenaires but also the 10^th anniversary of Monaco’s development aid policy. Despite its small size, Monaco is now engaged in financing international development, devoting more than 1% of its public resources.

In addition to its activities in favor of health, education and economic integration in Africa, the Principality of Monaco decided in 2015 to support the project IPDEV 2, inspired by I&P’s pioneering spirit. (...) In Madagascar, we were proud to attend the launch of Miarakap, the first impact investment fund dedicated to the financing and support of SMEs and start-ups in Madagascar. We wish a successful and long life to Miarakap and the companies that will benefit from its support!

(...) In a global economy where the value chain is changing rapidly, where the services and jobs of tomorrow remain to be invented, African SMEs can play their part. They are the necessary condition of greater human development in Africa. Monaco will continue, alongside I&P, to support them with commitment and admiration!

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▬▬▬▬▬▬▬▬▬▬ FOCUS ▬▬▬▬▬▬▬▬▬▬

Launch of Miarakap, first impact fund dedicated to
startups and small businesses in Madagascar

Launch of Miarakap, in presence of (from left to right): Bruno Massez (BFV-SG), Bénédicte Schutz (Coopération Monégasque), Hugues Vincent-Genod (I&P), Emmanuel Cotsoyannis (Miarakap), Fredy Rajaonera (PCA de Miarakap), Hassane Muhieddine (Axian) et Mahefa Randriamiarisoa (ACEP Madagascar)

Miarakap, the first impact investment fund dedicated to the financing and support of small and medium-sized enterprises (SMEs) and start-ups in Madagascar gathered in February its partners and shareholders for its first closing, led by Emmanuel Cotsoyannis and Investisseurs & Partenaires, with the support of the Monegasque Cooperation.

Miarakap joins the network of African impact funds sponsored by IPDEV 2: Sinegi Niger, Sinergi Burkina, Teranga Capital (Senegal) and Comoé Capital (Côte d'Ivoire).

On International Women's Day, I&P shared its objectives and action plan to promote gender equality and women entrepreneurs in Sub-Saharan Africa.
Read more

I&P Conseil will hold the second edition of the training on impact investing, a 3-days course to discover the sector and realize a practical case study.
Read More

I&P carried out an assessment of its greenhouse gas emissions and financed a project in Ghana to offset these emissions.
Read More

▬▬▬▬▬▬▬▬▬▬ PORTRAIT ▬▬▬▬▬▬▬▬▬▬

Sylvie SAGBO

Director of SENAR Les Délices de Lysa
Senegal • Agribusiness

After spending more than 20 years in France, Sylvie Sagbo decided to come back to Senegal in 2015. She took over the management of the company founded by her mother, "SENAR Les Délices de Lysa", a company specialized in the processing of locally produced cashews, peanuts and maize.

In 2017 SENAR partners with Teranga Capital, an investment fund dedicated to Senegalese start-ups and SMEs sponsored by I&P.

Why did she decide to return to Senegal? How did she meet Teranga Capital? What are the projects of the company in the months to come? We asked these questions to Sylvie Sagbo!

▬▬▬▬ NEWS FROM OUR PARTNERS ▬▬▬▬

PEG, one of the leading actors in the off-grid solar energy sector in West Africa, is implementing a set of gender-inclusive business practices.
Read more

Pharmivoire Nouvelle published for "Private Sector and Development" an article on accessibility challenges linked to the local production of medicine in Côte d'Ivoire.
Read More

Enko Education opens a second school in Senegal, following the acquisition of the West African College of the Atlantic (WACA), a prestigious high school.
Read More

▬▬▬▬▬ INVESTMENTS AND EXITS ▬▬▬▬▬

The Senegalese Fund Teranga Capital realized a new investment: the Support Center for Women's Initiative (Centre d'Appui à l'Initiative Féminine - C.A.I.F.).
This professional training center was created 14 years ago by Arame Drame. It offers high-quality training opportunities to young Senegalese women, allowin them to develop skills in catering, sewing, styling, haidressing, etc. Read more

▬▬▬▬▬ INTELLIGENCE & ANALYSIS ▬▬▬▬▬

I&P publishes the 3^rd chapter of "Fifteen Years, Fifteen Lessons from Africa" titled "Lessons from Entreprises and Entrepreneurs"

The third chapters gathers the lessons learned from our experience as an investor with African entrepreneurs. Working with small businesses, the human dimension is essential and it also appears necessary to adapt the investment model to match their specific needs:
•Lesson 7: The SME is a business of men and women
•Lesson 8: A small investment requires an impact choice and specific support on the structuring of the company
•Lesson 9: Small businessesneed patient capital and time to grow

Gender Issues in Sub-Saharan Africa

The Sub-Saharan Africa region appears as one of the poorest performers in terms of gender equality. Over half of its countries show high to very high levels of discrimination according to the last report published by SIGI/OECD.

The last report of the African Development Bank on Gender Equality shows the importance of women entrepreneurship in Africa. However, they tend to be entrepreneurs of necessity and are usually engaged in informal and low-value-added activities. Only 15% of formal SMEs have a woman as the managing director. Shifting from informal sector to formal sector remains a crucial issue in this context.

More and more actors are developing tools specifically designed for women entrepreneurs. To quote just an example, OPIC has launched the 2x Women's Initiative, mobilizing more than 1 billion euros to support women in developping countries.

▬▬▬▬▬▬▬▬ LATEST NEWS ▬▬▬▬▬▬▬▬

In the press

► The launch of Miarakap was mentionned in several articles after the press conference, including in La Tribune Afrique or L'Express Mada

► The Ivorian News Agency and several Ivorian and Panafrican media (FratMat, La Tribune Afrique, Financial Afrik ...) mention the launch of Comoé Capital. Read more →

► J.-M. Severino, President of Investisseurs & Partenaires, signed an opinion column for Jeune Afrique, entitled "Entrepreneurship, a political project". Read the article (in French) →

► Olivier Lafourcade co-signed with Serge Michailof an article in Le Monde Afrique on France's development aid. Read the article →

Agenda

►Nairobi, April 11-13: Cécile Carlier (I&P Conseil) participated to the Africa Climate Week organized by the CTCN (Climate Technology Center and Network)

►Marrakech, April 22-26: Sébastien Boyé will participate to the 15th annual AVCA conference. He will speak in the panel "The positive impact of private equity in fragile country states"

►Washington D.C., May 14-17: Jean-Michel Severino and Émilie Debled will take part to EMPEA's Institutional Investors-Only Summit

Investisseurs & Partenaires (I&P) is an impact investing group dedicated to African small and medium businesses. I&P supports more than 80 companies located in 15 Sub-Saharan countries.

▬▬▬▬▬▬▬ WHAT'S NEW AT I&P? ▬▬▬▬▬▬▬

On International Women's Day, I&P shared its objectives and action plan to promote gender equality and women entrepreneurs in Sub-Saharan Africa. Read more

I&P Conseil will hold the second edition of the training on impact investing, a 3-days course to discover the sector and realize a practical case study. Read More

I&P carried out an assessment of its greenhouse gas emissions and financed a project in Ghana to offset these emissions. Read More