SBI Holdings Inc. said Monday it will establish an investment fund with Abu Dhabi financial services firm Invest AD to invest in African companies.
The new $100 million fund, to be owned equally by SBI and Invest AD, will invest in banking, mining, manufacturing and other sectors in Egypt, Ghana, Kenya, Morocco, Nigeria and Tunisia.
The Tokyo-based investment and financial services firm and Invest AD will also set up a joint company to manage the fund.
Invest AD, a subsidiary of the Abu Dhabi Investment Council of the United Arab Emirates government, was founded in 1977 to invest in growth markets in the Middle East and Africa.