AfDB Invests $15M in Adenia Fund to Boost SME Growth in Africa

Stephane Bacquaert, Adenia Managing Partner

The Board of Directors of the African Development Bank Group has authorised a $15 million equity investment in Adenia Entrepreneurial Fund 1 (AEF 1).

The investment, decided by the Bank Board in Abidjan on 19 November 2025, will enable the Fund to channel growth capital to small- and mid-cap companies in various African countries, which work in sectors that contribute to economic resilience. Such sectors include light industry, consumer goods and services, renewable energies, health, and education.

The Fund will take majority stakes in firms, so that it can drive operational improvements, strengthen management practices, and support the implementation of growth strategies.

Adenia, the Fund manager, will help the firms to design development plans, create value, receive advice from sector experts, and obtain technical assistance. The African Development Bank estimates that the Fund will generate $55.5 million in tax revenue for governments, as well as strengthening regional integration. A total of 1810 local jobs (full-time-equivalent) should be created over the life of the Fund, of which 45% for women and 55 percent for young people.

"By targeting small- to mid-cap companies, AEF 1 will contribute to inclusive growth by facilitating access to finance for these businesses and promoting the creation of sustainable jobs. The Fund will also strengthen regional integration by investing in companies operating on a regional scale and supporting them as they expand beyond their home markets," explained Ousmane FALL, acting director of the Industrial and Trade Development Department at the African Development Bank.

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