Identifier
Created
Classification
Origin
08ABUJA360
2008-02-26 14:51:00
UNCLASSIFIED
Embassy Abuja
Cable title:
OPIC-SUPPORTED INVESTMENT FUNDS IN THE REGIONS - AFRICINVEST FUNDS II
how-toVZCZCXRO7440 PP RUEHMA RUEHPA DE RUEHUJA #0360 0571451 ZNR UUUUU ZZH P 261451Z FEB 08 FM AMEMBASSY ABUJA TO RUEHC/SECSTATE WASHDC PRIORITY 2164 INFO RUEHOS/AMCONSUL LAGOS PRIORITY 8797 RUEHZK/ECOWAS COLLECTIVE RUEATRS/DEPT OF TREASURY WASHDC RUCPDOC/DEPT OF COMMERCE WASHDC RHEBAAA/DEPT OF ENERGY WASHDC
UNCLAS ABUJA 000360
SIPDIS
SIPDIS
DEPT PASS TO OPIC-APATEL, USTR-AGAMA
DEPT PASS TO EXIM-JRICHTER, TDA-EEBONG
TREASURY FOR PETERS AND HALL
DOE FOR CGAY AND GPERSON
E.O. 12958: N/A
TAGS: EINV ECON NI
SUBJECT: OPIC-SUPPORTED INVESTMENT FUNDS IN THE REGIONS - AFRICINVEST FUNDS II
REF: STATE 001477
UNCLAS ABUJA 000360
SIPDIS
SIPDIS
DEPT PASS TO OPIC-APATEL, USTR-AGAMA
DEPT PASS TO EXIM-JRICHTER, TDA-EEBONG
TREASURY FOR PETERS AND HALL
DOE FOR CGAY AND GPERSON
E.O. 12958: N/A
TAGS: EINV ECON NI
SUBJECT: OPIC-SUPPORTED INVESTMENT FUNDS IN THE REGIONS - AFRICINVEST FUNDS II
REF: STATE 001477
1. The required capital to operate businesses and implement
development programs that will create jobs and improve the
livelihoods of the citizens is in short supply in Africa. Some
African countries, Nigeria inclusive, are implementing economic
reforms in order to achieve higher growth rates and attract the much
needed foreign capital. Capital for SME's remains limited in
Nigeria, with interest rates often prohibitively high, despite very
strong capitalization in the banking system. This fund could help
put downward pressure on rates for SME's.
2. The Netherlands FMO has experience in equity investment and
providing long-term loans in Nigeria and other countries in Africa
which could be leveraged on by the AfricInvest Funds II.
Nonetheless, determining which borrowers are low-risk could be
challenging. However, Mission Nigeria believes that despite this
issue, SME's are important for Nigeria's economic growth and will
help to generate employment and develop nontraditional exports.
3. Embassy Abuja encourages OPIC to support the AfricInvest Funds
II.
PIASCIK
SIPDIS
SIPDIS
DEPT PASS TO OPIC-APATEL, USTR-AGAMA
DEPT PASS TO EXIM-JRICHTER, TDA-EEBONG
TREASURY FOR PETERS AND HALL
DOE FOR CGAY AND GPERSON
E.O. 12958: N/A
TAGS: EINV ECON NI
SUBJECT: OPIC-SUPPORTED INVESTMENT FUNDS IN THE REGIONS - AFRICINVEST FUNDS II
REF: STATE 001477
1. The required capital to operate businesses and implement
development programs that will create jobs and improve the
livelihoods of the citizens is in short supply in Africa. Some
African countries, Nigeria inclusive, are implementing economic
reforms in order to achieve higher growth rates and attract the much
needed foreign capital. Capital for SME's remains limited in
Nigeria, with interest rates often prohibitively high, despite very
strong capitalization in the banking system. This fund could help
put downward pressure on rates for SME's.
2. The Netherlands FMO has experience in equity investment and
providing long-term loans in Nigeria and other countries in Africa
which could be leveraged on by the AfricInvest Funds II.
Nonetheless, determining which borrowers are low-risk could be
challenging. However, Mission Nigeria believes that despite this
issue, SME's are important for Nigeria's economic growth and will
help to generate employment and develop nontraditional exports.
3. Embassy Abuja encourages OPIC to support the AfricInvest Funds
II.
PIASCIK