The European Investment Bank (EIB) has committed €15 million (US$15.8 million) to the IPAE 3 fund, an initiative managed by Investisseurs & Partenaires (I&P), aimed at accelerating the growth of high-potential businesses across Africa.
IPAE 3 is designed to support small and medium-sized enterprises (SMEs) in critical sectors such as agriculture, nutrition, health, energy, water, industry, and services. The fund is expected to generate over 4,000 direct jobs, with at least 40% of these positions going to women. It also aligns with the 2X Challenge, a global initiative promoting women’s economic empowerment.
EIB is among the first major investors in IPAE 3, alongside the West African Development Bank (BOAD) and Proparco, aiming to attract further public and private sector funding.
The bank anticipates that its investment will unlock additional capital worth 4.5 times its own contribution, to boost financial support for SMEs in West Africa and Madagascar—regions where private equity investment has traditionally been challenging.
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I&P has a strong local presence in Ivory Coast, Ghana, Senegal, and Madagascar while also operating in surrounding markets such as Benin and Togo.
expressed pride in continuing the company’s long-standing partnership with EIB, which dates back nearly two decades.
“As a key early investor in IPAE 3, the EIB is playing a decisive role in securing funding and ensuring the success of this initiative,” said I&P co-CEO Sébastien Boyé.
He also said that “Through IPAE 3, we aim to finance responsible and innovative businesses tackling Africa’s most pressing challenges while advancing economic inclusion, particularly for women.”
EIB vice-president Ambroise Fayolle echoed this sentiment, saying they are inclined to create jobs and nurture the next generation of business leaders. emphasizing the bank’s commitment to empowering African entrepreneurs.
“Our goal is to finance startups and support their growth, especially in markets where access to capital is limited,” Fayolle said.
