African Fashion Fund, Others Launch New Investment Fund For Africa
African Fashion Fund (AFF), in collaboration with the Ethical Fashion Initiative (EFI), on November 13 launched the Impact Fund For Africa (IFFA) worth € 100 million in Paris, France.
The Impact Fund For Africa is a new investment fund established to support African creatives working in the fashion and lifestyle industries.
The Impact Fund for Africa will be managed by Roberta Annan Capital Partners (RACP) with members from the EFI serving as non-executive board members and managing the sustainability committee, which will contribute to the mobilisation of private capital for the financing of investments in support of the African creative and lifestyle industry.
The launch ceremony attracted a number of personalities from over 84 countries which include Simone Cipriani of the UN ITC, Henrietta Geiger of the European Commission, a delegation from the United Nations as well as some heads of states.
In addition to the launch, there was a fashion show which featured three leading African designers, fashion show featuring Ghanaian brands Duaba Serwa and Chocolate by Kwaku Bediako, alongside Senegalese designer Sophie Zinga.
The Founder of AFF, Roberta Annan, in a statement said, “I am thrilled about this partnership with the EFI. I believe it will give African brands the indispensable funding and resources to participate competitively in the global fashion economy. We are also in good contact with the European Commission, key partner of the Ethical Fashion Initiative, to identify possible way of cooperation with their new strategy to support investment in Africa and into the creative sector.
On his part, the Chief Technical Advisor of EFI, Simone Cipriani, added, “We are incredibly excited to launch this investment fund for Africa knowing the direct impact this investment will have on the growth of creative industries in sub-Saharan Africa.”
Source: Daily Guide