Norway-Backed Fund on Hiring Spree in Africa Finance Venture

Deepak Malik, Africa Regional Director, Norfund

A new development-finance venture that will control banking and other assets worth more than $660 million across sub-Saharan Africa plans to hire as many as 20 people including analysts to manage its investments and help it spend another $300 million on acquisitions.

The Norwegian Investment Fund for Developing Countries, the state-owned financier known as Norfund, is pooling its investments on the continent with Dutch lender Rabobank Groep and Dutch development bank FMO to create Arise, which will be based in South Africa. Arise will start operating in January with investments in 20 African countries and enough funding to be able to reach almost $1 billion of assets within five years, said Deepak Malik, the southern African head of Norfund.

Read more: Norway-Backed Fund on Hiring Spree in Africa Finance Venture – Bloomberg

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