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As climate change demands more sustainable development, the E3 Low Carbon Economy Fund for Africa (E3LCEF) is raising $48.1 million to finance the next generation of low-carbon entrepreneurs in Africa. The fund is being financed by several development finance institutions. These are the Netherlands Development Finance Company (FMO), Swedfund International, Proparco, the private sector financing arm of the French Development Agency (AFD), and Kreditanstalt für Wiederaufbau (KfW), the German development agency.
As climate change demands more sustainable development, the E3 Low Carbon Economy Fund for Africa (E3LCEF) is raising $48.1 million to finance the next generation of low-carbon entrepreneurs in Africa. The fund is being financed by several development finance institutions. These are the Netherlands Development Finance Company (FMO), Swedfund International, Proparco, the private sector financing arm of the French Development Agency (AFD), and Kreditanstalt für Wiederaufbau (KfW), the German development agency.
The E3LCEF will focus on investing in the next generation of low-carbon entrepreneurs in Africa who are developing new technologies and business models enabled by the low-carbon economy. The fund will invest in early-stage companies and hold significant capital for later rounds of financing.
This financing mechanism was set up to improve access to essential services, including electricity, water, and health. African companies are starting to emerge with a clear market fit and strong commercial potential in the heart of the low-carbon economy. The quality of the entrepreneurs in Africa is striking. E3LCEF is passionate about helping African entrepreneurs create the next generation of innovative businesses that will innovate, grow and impact the lives of all of us in the years to come, stated Paras Patel, founder, and managing partner E3 Capital.
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With its investment team based in Nairobi, Kenya, the E3LCEF benefits from the dual expertise of Lion’s Head as manager and E3 Capital as advisor. The funding mechanism aims to raise $150 million. As such, its managers plan to organise a second and final round of financing of up to $100 million over the next 12 months.
