Energy Capital & Power Appoints James Chester As Chief Executive Officer (Ceo)

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Investment to Spur Job Creation in Africa

From DION HENRICK in Cape Town, Western Cape Bureau

CAPE TOWN, (CAJ News) – An investment of US$15 million (R million) has been announced to foster growth, companies, and job creation in Sub-Saharan Africa.

Finnfund, a Finnish development financier and impact investor, has committed to the Metier Capital Growth Fund III.

The fund focuses on Sub-Saharan Africa and aims to make eight to twelve equity and equity-related investments in mid-market companies with high growth potential in sectors including technology and manufacturing.

The fund is also committed to promoting gender equality within its investment portfolio and organization, classified as a 2X Challenge investment.

The 2X Challenge is a global gender finance initiative supporting businesses that provide women in emerging economies with leadership opportunities, quality employment, and access to products and services that enhance their economic participation and inclusion.

Finnfund's commitment is part of the first close for Metier Capital Growth Fund III, which has raised a certain amount of dollars, with further commitments expected, aiming to exceed its target fund size of a certain amount.

Riikka Molander, Associate Director and Head of Funds at Finnfund, stated, "Many innovative, growth-oriented, and promising mid-market companies in Sub-Saharan Africa lack funding."

She added that Finnfund aims to provide funding, training, and entrepreneurial skill development to companies that will generate positive impacts such as jobs and clean energy.

Paul Botha, CEO and Co-founder of Metier, highlighted that the active deal pipeline includes growth capital investments that will positively impact climate change, create decent jobs with a focus on gender-lens investing, support rural connectivity, and promote business development across Africa.

He emphasized, "Beyond delivering top quartile returns, Metier's core objective is to contribute to positive and sustainable impacts across Sub-Saharan Africa."