AfDB and Italy’s CDP Inject $35M into North Africa Growth Fund, With Tunisia in Focus
The African Development Bank (AfDB) and Italy’s Cassa Depositi e Prestiti (CDP) are injecting $35 million into a dedicated private equity vehicle targeting high-growth enterprises across North Africa. For Tunisia, the move is particularly strategic, as the RMBV North Africa Fund III already holds equity stakes or has identified pipeline deals in the country.
Strategic Capital Allocation & Sector Focus
Under the agreement announced on August 14, 2026, the AfDB is contributing $15 million in equity, while CDP is committing $20 million through the Growth and Resilience in Africa (GRAf) platform.
The fund targets mid-sized companies operating across four priority sectors:
- Healthcare
- Education
- Financial services
- Consumer goods
By taking both majority and minority equity positions, the vehicle aims to finance operational expansion, strengthen corporate governance, and accelerate market penetration. Rather than focusing on early-stage startups, the fund prioritizes established businesses with proven models ready to scale.
Tunisia’s Growing Footprint in the Portfolio
Tunisia’s presence in the fund’s portfolio underscores the strategic weight of the operation. According to AfDB evaluation documents, three Tunisian companies are already featured:
- Lectus (Healthcare): A $25 million transaction, comprising $20 million from the fund and $5 million in co-investment.
- Taym (Financial Services): A $31 million deal, with $22 million sourced directly from the fund.
- Atlantis (Consumer Goods): A planned $16 million equity stake.
These figures, drawn directly from AfDB documentation, highlight a clear investment thesis: the fund is designed to back companies that have already crossed the startup phase and are positioned for regional expansion.
Geographic Breakdown & Scaling Strategy
At the fund level, Tunisia accounts for approximately 20% of the target geographic allocation. Egypt leads with 55%, followed by Morocco at 20% and Algeria at 5%.
The RMBV North Africa Fund III aims for an initial target size of $300 million. AfDB documents indicate plans for roughly a dozen investments across the region, with ticket sizes substantial enough to support companies through critical growth phases. For Tunisian businesses, the priority shifts from seed funding to securing growth capital for capacity building, operational scaling, and cross-border market entry.
Institutional Backing & Future Outlook
The involvement of the AfDB and CDP adds a significant layer of institutional credibility to the vehicle. CDP’s participation is channeled through GRAf, a co-investment platform developed under Italy’s Mattei Plan for Africa, reinforcing the fund’s alignment with broader European-African economic partnerships.
With this fresh capital injection, the fund is better positioned to accelerate its North African investment pipeline. For Tunisia, the key metric going forward will be how effectively this capital empowers local enterprises to scale, modernize, and compete in regional and global markets.
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