The African Development Bank will invest $50 million in the Carlyle Sub Saharan Africa Fund, the Tunisia-based bank said.
The fund is the first investment vehicle that the U.S.- based private equity firm has raised to expand into sub-Saharan Africa. The fund plans to invest a total of $500 million, with the potential to double the investment through co-investment with other Carlyle funds, the bank said in a statement. It said the equity investment was approved on Feb. 22.
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