Proparco has announced a $20m investment in the Amethis Fund III (AF III) managed by Amethis, aiming to support African medium-sized companies that provide quality goods and services on the continent.

Proparco is delighted to be working with a long-standing partner, Amethis, with whom we share many values and a common commitment to the sustainable and inclusive economic development of the African continent. Proparco's investment in Amethis Fund III will support African entrepreneurship, particularly among women, and quality employment, in line with our strategic ambitions, in particular the reduction of socio-economic and gender inequalities," Françoise Lombard, Managing Director of Proparco, said.

Founded in 2012, Amethis is a pan-African private equity platform that has raised over €1bn since its inception, from a diverse investor base: private, family and institutional as well as development finance institutions.

Proparco is a long-standing partner of Amethis, with several investments in the Amethis Fund II, Amethis MENA Fund II and co-investments in two companies: Merec in Mozambique and Netis in Sub-Saharan Africa.

Amethis promotes the development of quality goods and services to African populations and the improvement of the social and environmental (E&S) performance of its portfolio companies, with a particular focus on gender equality, reducing inequality, insurance cover for employees and climate efficiency.

The AF III fund will support the development of medium-sized African companies, thereby contributing to the development of local production capacities.

The project will contribute to the creation of quality jobs: 18,000 jobs should be supported in the long term.

Through its commitment to reducing gender inequality, Amethis has joined the 2 X Challenge, which promotes female leadership and employment, and is working with a majority of its portfolio companies to increase the proportion of women in the workforce and in management teams.

"Amethis is proud to count Proparco among its long-standing supporters. This new investment will enable us to further our shared goal of sustainable and inclusive growth in Africa and positively impact the communities we serve," commented Luc Rigouzzo and Laurent Demey, Managing Partners of Amethis.