Emerging Capital Partners

Calpine Corporation is a wholesale power generation company based in Houston, Texas, specializing in electricity generation from natural gas and geothermal resources. Founded in 1984, it operates a diverse fleet of 84 power plants, which includes both natural gas-fired combustion turbines and renewable geothermal steam turbines, with a total generation capacity exceeding 27,000 megawatts. Calpine sells electricity, steam, capacity, renewable energy credits, and ancillary services to a wide range of customers, including utilities, independent electric system operators, municipalities, and retail providers across 21 states and Canada. The company focuses on developing and operating modern, efficient power plants that adhere to environmental standards, positioning itself to address the evolving needs of the energy market, such as the demand for cleaner energy sources and the integration of renewable power into the grid.

Allego delivers charging solutions for electric cars, motors, buses and trucks, for consumers, businesses and cities. Allego’s end-to-end charging solutions make it easier for businesses and cities to deliver the infrastructure drivers need, while the scalability of our solutions makes us the partner of the future.

Eranove SA, formerly known as Finagestion, is a prominent provider of public service management, focusing on electricity and drinking water production in West Africa. The company operates in Côte d’Ivoire, Senegal, and the Democratic Republic of Congo, with a long-standing presence in these regions. Its activities encompass electricity generation through hydroelectric dams and thermal power stations, as well as the transmission and distribution of electricity. Eranove is also involved in the production and distribution of potable water, managing treatment facilities and water transport networks. Additionally, the company addresses sewage and rainwater collection and offers data transmission services through power lines. Eranove is committed to corporate social responsibility, adhering to quality and environmental standards recognized by international certifications. Founded in 2003 and headquartered in Paris, France, Eranove plays a critical role in enhancing access to essential services across its operational territories.

Zipline Inc. is a California-based company that specializes in designing, manufacturing, and operating drones for the delivery of essential medical supplies, including vaccines, medicines, and blood. Founded in 2011 and headquartered in Half Moon Bay, the company aims to provide instant access to vital medical products for every individual globally. Since its inception, Zipline has developed a rapid delivery drone and an autonomous logistics network, allowing for efficient distribution to hospitals and health centers, particularly in remote areas. By leveraging its proprietary fixed-wing drone technology, Zipline facilitates timely deliveries that support the medical community and enhance patient care.

Inter Africa Transport Forex is a financial technology company established in 2007 and headquartered in Mauritius. It specializes in providing online payment solutions tailored for the logistics industry, particularly for cross-border transport companies. The company offers a range of payment processing services that facilitate online ordering and payment for various needs, including fuel, cash pay-outs, road tolls, border payments, parking, insurance, and mechanical services. By enabling transport companies to manage their transactions from their offices or homes, Inter Africa Transport Forex streamlines the payment process and enhances operational efficiency within the logistics sector.

Artcaffe Coffee & Bakery Ltd operates a chain of full-service establishments that include bakery and coffee shops, as well as bars and casual dining restaurants. Founded in 2008 and based in Nairobi, Kenya, Artcaffe offers a diverse menu featuring artisanal bread, pastries, cakes, food, coffee, and cocktails. The company focuses on creating a unique dining experience, combining quality food and beverages in a welcoming atmosphere.

Maarifa Education is a private tertiary education holding company focused on enhancing academic quality and access to education across Africa. Founded by its management team with support from ECP, the company aims to develop and operate universities that serve citizens in various African nations. As of 2016, Maarifa had invested in two universities located in Uganda and Zambia, enrolling approximately 6,000 students. The company’s vision is to provide high-quality, market-relevant tertiary education to over one million Africans within the next thirty years. The management team at Maarifa possesses extensive experience in the education sector, having previously worked with notable global institutions. Their commitment to improving educational outcomes is evident in their efforts to upgrade IT systems, increase institutional capacity, and foster employment, entrepreneurship, and ethical leadership among students.

Atlas Bottling Corporation Sarl, established in 1995 and headquartered in Rouiba, Algeria, is a prominent bottler of carbonated soft drinks. In 1998, the company entered into an exclusive bottling agreement with PepsiCo, enabling it to produce and distribute well-known brands such as Pepsi Cola, Pepsi Max, Mirinda, and 7-Up. Through this partnership, Atlas Bottling has positioned itself as a key player in the Algerian beverage market, focusing on delivering a diverse range of popular soft drink products to consumers.

Java House, established in 1999, has grown to operate 54 branches across Nairobi, other regions in Kenya, and Uganda. It is recognized as a popular dining destination for the Kenyan consumer class, offering high-quality, affordable meals and exceptional African-grown coffee. The coffee house caters to business professionals during the day and provides a family-friendly atmosphere for social gatherings in the evenings and on weekends. In addition to its core restaurant offerings, Java House has expanded its brand portfolio to include Planet Yogurt, the first self-serve frozen yogurt chain in Africa, and a pizzeria named 360 Degrees. The menu features a variety of fresh foods, including Kenyan coffees and teas, home-baked bread, and diverse international cuisine, ensuring a unique dining experience for its customers.

IHS Towers is a prominent independent owner, operator, and developer of shared telecommunications infrastructure, focusing on emerging markets. The company boasts over 40,000 towers across 11 countries, including Brazil, Nigeria, and Egypt. IHS Towers primarily serves mobile network operators (MNOs), facilitating their provision of wireless voice and data services to end-users. Its operations are concentrated in regions such as Sub-Saharan Africa, the Middle East and North Africa, and Latin America, with Nigeria being the largest contributor to its revenue. Through its extensive network of towers, IHS Towers plays a crucial role in enhancing telecommunications access and connectivity in these developing markets.

Finadev is a microfinance investment vehicle established in 2010, specializing in acquiring microfinance institutions in Benin, Chad, and Guinea. The company focuses on providing financial services, particularly loans, to small and medium enterprises, with a primary emphasis on the informal sector. By offering these financing products, Finadev plays a significant role in enhancing financial inclusion for disadvantaged clients, thereby contributing to the economic empowerment of underserved communities.

Wananchi Group Holdings Limited, founded in 2008 and headquartered in Nairobi, Kenya, is a prominent provider of home entertainment and communication services in East Africa. The company serves both residential and corporate customers, offering a range of services that includes high-speed internet via its fiber optic network, DTH satellite pay TV, and original programming for its pay TV channels. In the corporate sector, Wananchi provides voice, video, data, and internet connectivity to enterprises, governments, and media organizations. Additionally, it offers value-added services such as data security, cloud solutions, and web hosting. Wananchi Group is recognized for its commitment to delivering high-quality and affordable services, making it a key player in the region's telecommunications and entertainment industries.

Founded in 2006, Shoresal is an Algerian real estate development company that intends to capitalize on the unmet need in the Algerian office space market by offering an adaptable space for multinational and local companies, a convenient common space, and several parking lots. The company has acquired the right to develop an international standard level office tower consisting of 4,050 square meters in Bab Ezzouar, a prominent Algiers business district.

Finaccess Group is a financial services platform based in Morocco, founded in 1997. The company specializes in outsourcing services, focusing on business process outsourcing and call center operations. By providing financial information and support, Finaccess Group enables businesses to complete tasks efficiently and effectively. Through its services, the company aims to enhance operational productivity for its clients.

Thunnus Overseas Group (TOG) is a tuna processing and distribution group with interests in Côte d’Ivoire, Madagascar, and France. TOG currently processes, packages, and sells canned tuna. TOG owns controlling interests in two tuna processing factories in Côte d’Ivoire (Société de Conserveries de Côte d’Ivoire – SCODI – and Pêche & Froid) and a tuna processing factory in Madagascar (Pêche & Froid Ocean Indien). TOG’s key distribution channels include European grocers, the foodservice industry, and Saupiquet, a third-party producer and subsidiary of the Bolton Group.

Oragroup SA is a banking institution that provides personal and business banking services across West and Central Africa. Founded in 1988 and headquartered in Lomé, Togo, the company operates under the Orabank brand and has a network of 149 branches in 12 countries, including Benin, Gabon, Guinea, Mauritania, and Togo, among others. Its product offerings encompass savings and term deposit accounts, various types of loans, money transfer services, foreign currency exchange, and digital banking solutions. Additionally, Oragroup SA engages in bancassurance and offers insurance products, catering to a diverse clientele throughout the region. The company operates as a subsidiary of ECP Financial Holding LLC.

Salt Investment is a mining and metals company specializing in the production and commercialization of salt. The firm focuses on the production and export of various types of salt, including chemical and deicing salt, catering to diverse markets. Through its operations, Salt Investment plays a significant role in the salt industry, meeting the demands of both domestic and international customers.

Eranove SA, formerly known as Finagestion, is a prominent provider of public service management, focusing on electricity and drinking water production in West Africa. The company operates in Côte d’Ivoire, Senegal, and the Democratic Republic of Congo, with a long-standing presence in these regions. Its activities encompass electricity generation through hydroelectric dams and thermal power stations, as well as the transmission and distribution of electricity. Eranove is also involved in the production and distribution of potable water, managing treatment facilities and water transport networks. Additionally, the company addresses sewage and rainwater collection and offers data transmission services through power lines. Eranove is committed to corporate social responsibility, adhering to quality and environmental standards recognized by international certifications. Founded in 2003 and headquartered in Paris, France, Eranove plays a critical role in enhancing access to essential services across its operational territories.

Blue Financial Services Limited is a micro-finance institution dedicated to providing loans and financial services to low-income and underserved customers across Africa. Founded in 2001 and headquartered in Pretoria, South Africa, the company offers a diverse range of financial products, including personal loans, education loans, home improvement loans, and small to medium enterprise financing. Additionally, Blue Financial Services provides insurance solutions encompassing both corporate and personal life insurance, as well as short-term insurance options. The company targets formally employed individuals who are underbanked, operating through a network of 220 branches in countries such as South Africa, Botswana, Zambia, Uganda, Tanzania, Malawi, Mauritius, Nigeria, and other regions. By focusing on the financial needs of its customers, Blue Financial Services aims to facilitate access to essential financial resources for those who require support in achieving their personal and business goals.

Société d’Articles Hygiéniques is a consumer goods platform. It distributes hygiene products in Tunisia and Algeria.

Orabank Mauritania (formerly BACIM Bank) was set up at the end of 2001 with share capital of 1,000,000,000 ouguiya. Since its acquisition by ECP group this capital has increased continuously, reaching 6,921,350,000 ouguiya in 2012. The bank was recapitalised following the takeover and was renamed 'Orabank Mauritania' on 30 September 2012. 97% of the bank’s share capital is held by ECP and Oragroup SA. Orabank Mauritania has 97 employees and six branches, including three in the capital Nouakchott, one in Nouadhibou (the country’s economic capital), one in Kiffa and one in Néma in the east of the country. Orabank Mauritania is a commercial bank with a customer base made up largely of individuals, self-employed professionals, SMEs, big businesses and local authorities. Thanks to its many banking products, Orabank Mauritania can offer a range of services that have helped it both to retain existing customers and to develop and diversify its customer base. The quality of these services means that the bank can now look to the future with greater confidence.

Cellcom Telecommunications, based in Montreal, is the largest franchisee of Bell Canada and Bell Mobility. The company specializes in providing a range of telecommunications services, including cellular communication, internet, broadband, and satellite communication. Additionally, Cellcom offers various business solutions tailored to meet the needs of its customers. With a focus on delivering reliable connectivity and comprehensive service offerings, Cellcom plays a significant role in the telecommunications landscape in Canada.

Oando PLC is one of Africa's largest integrated energy solutions providers, operating primarily in Nigeria and internationally. Founded in 1956 and headquartered in Lagos, Nigeria, Oando offers a range of services through its subsidiaries, including exploration and production of oil and gas, as well as the supply and trading of crude, refined, and unrefined petroleum products. The company also engages in the storage and distribution of petroleum and gas products, along with logistics support and aviation activities. Oando's business model emphasizes a strong presence in the energy sector, with a significant focus on supply and trading as its primary revenue source. Formerly known as Unipetrol Nigeria Plc, the company rebranded in December 2003 and is a subsidiary of Ocean and Oil Development Partners Limited.

Notore Chemical Industries Plc is a leading fertilizer and agro-allied company based in Nigeria, specializing in the production and supply of nitrogenous fertilizers, including Urea, Ammonia, and NPK fertilizers. Operating the premier fertilizer plant in Sub-Saharan Africa, located at Onne sea port in the Niger Delta region, Notore is strategically positioned to facilitate effective distribution along the Atlantic coast. The company not only focuses on manufacturing but also emphasizes educating farmers on best agricultural practices to enhance crop yields. With a robust network of professionals, Notore aims to support the agricultural community, positively impacting the livelihoods of approximately 14 million farming households in Nigeria. Its operations contribute to the broader goal of advancing the African Green Revolution.

GENERAL INSURANCE MEDITERRANEAN - GAM Assurances - is an insurance company practicing insurance of damage in the Algerian market. A joint-stock company, GAM Assurances has a share capital of 2,747,500,000.00 DA, 100% owned by the ECP (Emerging Capital Partners) Africa Fund.

OSEAD Maroc Mining operates as a metal and mining platform. OSEAD is a holding company specialising in the prospecting, exploration and mining of mineral deposits. OSEAD’s main asset is Compagnie Minière de Touissit the second largest private mining operator in Morocco, which mines primarily lead and silver with some zinc.

Intercontinental Bank, founded in 1989 and headquartered in Nigeria, is a commercial bank that offers a range of banking and financial services. Following its acquisition by Access Bank in January 2012, it has continued to provide personal, business, corporate, and institutional banking services. These services include mortgage loans, payroll management, institutional financing, commercial insurance, and wealth management solutions, catering to both individuals and business enterprises. The bank operates primarily in Lagos, Nigeria, serving a diverse clientele with tailored financial products.

Teranga Gold Corporation is a Canadian gold mining company focused on the exploration, development, production, and sale of gold primarily in West Africa. Its flagship asset is the Sabodala gold mine, which spans 291 square kilometers and is located in Senegal, alongside a broader exploration land package of 629 square kilometers. Established in 2010 and headquartered in Toronto, Teranga operates additional assets in Burkina Faso and Côte d'Ivoire, positioning itself within some of the most prospective gold belts in the region. The company is dedicated to advancing its mining operations while contributing to the economic development of the communities in which it operates.

Mineral Deposits Limited is an Australian mining company focused on the extraction and processing of mineral sands resources. The company holds a 50% interest in TiZir Limited, which operates the Grande Côte mineral sands project in Senegal and an ilmenite upgrading facility in Tyssedal, Norway. Mineral Deposits produces a range of products, including zircon, titanium minerals like ilmenite and rutile, as well as high-purity pig iron. Founded in 1994 and headquartered in Melbourne, Australia, the company has been involved in the mineral sands industry since the mid-1990s. The establishment of the TiZir joint venture in 2011 has allowed the company to advance its strategy of becoming an integrated mineral sands producer, positioning it for future growth and development in the sector.

Wentworth Resources is an independent energy company with gas production and a committed oil and gas exploration programme in the Rovuma Basin of southern Tanzania and northern Mozambique.

MTN Cote d'Ivoire SA is a telecommunications company based in Abidjan, Ivory Coast, that provides a range of services, including mobile, fixed-line, and high-speed Internet solutions, as well as payment services. Founded in 1996 and rebranded in 2005 following the acquisition of Loteny Telecom's mobile phone license, MTN Cote d'Ivoire offers various mobile services such as tariff plans, international roaming, and Internet packages. Additionally, the company provides mobile money solutions that facilitate remote payments and bill payments. With a distribution network of over 65,000 points of sale across the country and a workforce of more than 750 employees, MTN Cote d'Ivoire aims to deliver innovative and accessible communication solutions to its customers. The company is a subsidiary of MTN Group Limited and has established a significant presence in the Ivorian telecommunications market.

Bank of Africa, founded in Mali in 1982, has grown into a prominent banking group operating in 17 countries across Africa and one in France. The group comprises a network of 15 commercial banks, along with various financial institutions, including a financial corporation, a housing bank, a leasing company, a brokerage firm, two investment companies, and an asset management company. It provides a range of banking services, such as savings and current accounts, loans, insurance, and currency transfers, through branches and subsidiaries in West and East Africa, including countries like Ghana, Mali, Kenya, and Madagascar. Since 2010, Bank of Africa has been majority-owned by BMCE Bank, the second largest private bank in Morocco, which offers significant strategic and operational support, enhancing its access to international markets.

Continental Reinsurance Plc is a Pan-African reinsurance company headquartered in Lagos, Nigeria, with operations in countries including Cameroon, Kenya, Abidjan, Tunis, and Botswana. Established in 1985, it provides a comprehensive range of life and non-life reinsurance products, including fire, engineering, general accident, marine, aviation, liability, motor, oil and gas, as well as individual and group life insurance. The company also offers advisory services in reinsurance structuring, actuarial and risk management, and product development, along with training programs for clients across various insurance sectors. By serving both individuals and businesses, Continental Reinsurance aims to enhance the insurance landscape in the regions it operates. It is a subsidiary of C-Re Holdings Ltd.

Spencon is an East African civil engineering and construction firm that offers a range of services, including the construction of buildings, roads, bridges, and infrastructure related to power, transmission, and water supply. With operations in Kenya, Uganda, Tanzania, and Zambia, the company specializes in water supply and sewage systems, as well as various civil works projects. Its focus on infrastructure development positions Spencon as a key player in the region's growth and modernization efforts.

Anvil Mining Congo SA is a mining company focused on the exploration and production of copper and silver in the Democratic Republic of the Congo. Founded in 2002 and based in Lubumbashi, the company operates three key projects: the Dikulushi copper-cobalt project, the Kinsevere project, and the Mutoshi copper-cobalt project. Anvil Mining is dedicated to the extraction of copper and associated metals, contributing to the region's mining sector through its established operations.

Semme Mineral Water Plc is a producer and distributor of mineral water based in Limbe, Cameroon. The company specializes in sourcing mineral water from the Etindé Mountain spring and distributes this product throughout central Africa. Semme Mineral Water offers its bottled water in various sizes, including 1.5-litre and 0.5-litre options, catering to different consumer needs in the region.

Kosan Crisplant a/s is a Danish company that specializes in the manufacturing and supply of equipment, plants, and systems for the filling and maintenance of liquefied petroleum (LP) gas cylinders. Its product offerings include equipment for cylinder handling, transport, filling, checking, reconditioning, and finishing, along with storage and piping installation products, as well as electrical installations and data networks. The company also provides spare parts, service and training, engineering, installation supervision, software, project management, consultancy, after-sales support, and facility management. Kosan Crisplant serves a global customer base across various countries, including Algeria, Brazil, Denmark, India, and the United States. Founded in 1951 and based in Aarhus, Denmark, the company was formerly known as Kosan Crisplant LPG and has been operating under its current name since January 2000. Kosan Crisplant a/s is a subsidiary of Al Ayuni Investment and Contracting Company.

Central Africa Health Care Holdings Ltd. operates as a holding company with interest in providing pharmaceutical and healthcare services. It has investments in healthcare and drug manufacturing. The company was incorporated in July 2004 and is headquartered in Cameroon, Nigeria.

Starcomms is a telecommunications company based in Nigeria, providing advanced wireless digital services primarily in metropolitan Lagos. Its offerings include mobile and fixed voice services, both prepaid and postpaid, as well as mobile and fixed broadband internet. The company also specializes in enterprise solutions, which encompass Virtual Private Network (VPN) services, bulk SMS, call conferencing, and E1 trunks. Additionally, Starcomms delivers a range of value-added services, including voice SMS, Funbox, Wireless Access Protocol (WAP), Africhat, Afritalk, and social networking services. Through these diverse offerings, Starcomms aims to meet the communication needs of individual and corporate clients in the region.

Société Internationale de Plantations d'Hévéas cultivates, harvests, processes, and markets natural rubber primarily for the tire industry. The company operates extensive rubber plantations across West Africa, with 22,564 hectares in Ivory Coast, 14,735 hectares in Ghana, 14,060 hectares in Nigeria, and 5,809 hectares in Liberia. Founded in 1905, it is headquartered in Courbevoie, France, and its products are marketed not only in Africa but also in Europe, Asia, North America, and South Africa. As of December 2019, Société Internationale de Plantations d'Hévéas operates as a subsidiary of Compagnie Financière Michelin SCmA.

DP World Sokhna operates the Sokhna Port in Suez, Egypt, facilitating maritime traffic for the region. The company manages various terminal facilities, including a container terminal, a general cargo/Ro-Ro terminal, a bulk terminal, and a livestock terminal. In addition to its core port operations, DP World Sokhna offers a range of logistics and warehousing services. These services encompass packing and labeling, distribution, handling of returned products, customer service, final assembly, customer invoicing, and quality control. The company is instrumental in the transportation of bulk materials, serving markets across Africa and parts of Europe.

Airtel Gabon is a mobile telephone operator that provides a range of telecommunication and mobile network services. The company focuses on delivering integrated wireless solutions, which include mobile communications and information technology services. Additionally, Airtel Gabon offers mobile funds transfer and banking services, facilitating digital connectivity for consumers both nationally and internationally. Through its offerings, the company aims to enhance communication and financial transactions for its users.

Veolia Water Maroc optimize resources management. They designs and provides water, waste and energy management solutions which contribute to the development of communities and industries. Veolia helps to develop access to resources, preserve available resources, and to replenish them.

BATIM Africa is a company focused on land development and housing construction, primarily operating in Côte d'Ivoire, Mali, and Angola. Founded in 1989 and headquartered in Abidjan, Ivory Coast, it specializes in creating housing facilities through various property development initiatives. The company's services encompass both land development and the construction of residential properties, catering to the growing demand for housing in the region.

Charaf Corporation is a Moroccan company based in Casablanca that specializes in the production, packaging, and distribution of customized fertilizers. Established in 1989, the company offers a diverse range of products, including nitrogenous, liquid, and soluble fertilizers, as well as organic growth stimulants and animal feeds. Charaf Corporation serves customers across Morocco, providing tailored plant nutrition solutions to meet various agricultural needs.

Somdiaa is a manufacturer and distributor of agro-food commodities in Africa, founded in 1970 and headquartered in Paris, France. The company specializes in producing and marketing a variety of products, including brown, golden, white, and crystallized sugars, as well as sugar by-products like bagasse and molasses. Additionally, Somdiaa offers a range of flours for baking and household use, along with bakery products, eggs, chicks, and animal feed. Its operations extend across several African countries, including Cameroon, Gabon, Congo, Ivory Coast, Chad, and the Central African Republic. The company also engages in crop farming and livestock farming services, catering to the diverse agricultural needs of the region.

Djezzy provides wireless communication services in Algeria and internationally. It offers entertainment and multimedia, voice, messaging, invoice and reloading, and directory services. The company also provides data, mail and mobility, voicemail, call forwarding, hidden call, conference calling, and roaming services.

PanAfrican Energy Tanzania Limited, founded in 1991 and based in Dar es Salaam, is Tanzania's first natural gas producer. The company plays a crucial role in the country's energy landscape by supplying natural gas primarily for power generation at the Ubungo Power Plant. It also serves 38 industrial and commercial customers in the Dar es Salaam area, helping to reduce their operating costs and promote industrial growth. PanAfrican Energy has been instrumental in the development of the Songo Songo gas field, having restored production wells and constructed necessary infrastructure since the early 2000s. The company continues to invest in maintaining production levels through new well drilling and seismic exploration to enhance reserves. In addition to its business activities, PanAfrican Energy is committed to corporate social responsibility, supporting youth education and training programs in local communities, which earned recognition from the Tanzanian government. It employs approximately 80 Tanzanians and prioritizes the use of local suppliers for its services. PanAfrican Energy operates as a subsidiary of Orca Exploration Group Inc.

CELTEL International B.V. was a telecommunications company that provided essential communication services across multiple African countries. Founded by Mo Ibrahim, the company specialized in the development and operation of GSM telephone networks, offering wireless cellphone services to a growing customer base. CELTEL played a significant role in expanding telecommunications infrastructure in Africa, contributing to increased connectivity and communication options in the region.

Foxtrot International is an industrial company in the energy sector that specializes in the exploration and production of gas, oil, and their by-products. Foxtrot International has been working in the Gulf of Guinea for more than ten years and is now the Ivory Coast's leading partner in the operation of hydrocarbon fields in Block CI-27.

Ecobank Transnational Incorporated (ETI), a public limited liability company under a private sector initiative spearheaded by the Federation of West African Chambers of Commerce and Industry with the support of the Economic Community of West African States (ECOWAS). In the early 1980’s foreign and state-owned banks dominated the banking industry in West Africa. Commercial banks in West Africa owned and managed by the African private sector were a rarity. Its founders created ETI with the objective of filling this vacuum. The Federation of West African Chambers of Commerce promoted and initiated a project to create a private, regional banking institution in West Africa. In 1984, Ecopromotions S.A. was incorporated. Its founding shareholders raised seed capital for feasibility studies and the promotional activities leading to the creation of ETI. In October 1985, ETI was incorporated with authorised capital of US$100 million. The initial paid up capital of US$32 million was raised from over 1,500 individuals and institutions from West African countries. The largest shareholder was the ECOWAS Fund for Cooperation, Compensation and Development (ECOWAS Fund), the development finance arm of ECOWAS. Ecobank signed a Headquarters’ Agreement with the Government of Togo in 1985, which granted it the status of an international organisation. This status came with the rights and privileges necessary for ETI to operate as a regional institution, including the status of a non-resident financial institution. ETI commenced operations with its first subsidiary in Togo in March 1988.