Zoscales Fund I

Subsidy : November 2019 - August 2020

BIO has given USD 24 k of Technical Assistance to Zoscales Fund I, a PE fund targeting SMEs in East Africa.

Amount

€ 21,757.30

Type of investment

Subsidy

Beneficiary locations

Africa: Ethiopia, Kenya, Rwanda, Tanzania, Uganda

Investment field

Investment Companies & Funds

Activity

KK.64.300 SME Fund

Organisation

Zoscales Fund I

Website

http://www.zoscales.com/

Domicile

Ethiopia

More investments in

Zoscales Fund I

Subsidy € 350,000.00 (2020)
Equity € 4,169,100.00 (2019)

With this subsidy, BIO provides an E&S capacity building training for Zoscales’ portfolio companies, including both employees and management.

The capacity building programme was comprised of three phases.

The first phase involved a three-day training programme to familiarize the companies in lender environmental and social standards and the process to develop and environmental and social management systems (ESMS). The training was delivered in December 2019 in Addis Ababa.
The second phase of the programme comprised a visit to each of the five companies to tour their facilities and discuss progress in implementing the ESMS.
The third phase of the programme comprised remote support and advice to the companies on an ad hoc basis through review and comment on ESMS implementation plans and documentation. All phases have been implemented successfully and deliverables received. ZPs and the consultant seemed both very satisfied of the services and value add.

A good ESMS appropriate to the nature and the scale of the company promotes sound environmental and social performance and can lead to improved financial, social and environmental outcomes.

Made possible through this investment

Thanks to the direct funding from BIO, the following second-line investments have been made possible.

Africa Jobs Network

Ethiopia

Africa Jobs Network is an online employment search engine with head offices in Addis Ababa and Nairobi. The Company generates its revenue from job listing packages, recruitment services and consultancy & training. In addition, AJN provides personnel management and temporary workspace services for its clients.

Ahadukes Food Products

Ethiopia

Ahadukes Food Products S.C. is an affordable biscuit producing company that started production in 2015 targeting the regular segment of the biscuit market.

CGF Crown Cork Manufacturing

Ethiopia

Established in 2012, CGF Crown Cork Manufacturing PLC manufactures and supplies metal crown caps to the carbonated soft drinks and beer markets in Ethiopia.

Ethio-Asia Industries

Ethiopia

C.10.89 Manufacture of other food products n.e.c.

Founded in 1998, Ethio – Asian Industries S.C. is the first privately owned soap and detergent company in Ethiopia. The company manufactures and distributes a diverse portfolio of well-known bath soaps and laundry brands.

Pioneer Diagnostics Center

Ethiopia

Established in 2006, Pioneer Diagnostic Center is a forerunner in quality imaging diagnostic services in Ethiopia. PDC operates from four centers in Addis Ababa and one center in upcountry market.