€100 Million African Fashion Fund to be Launched Next Week
A new €100 million investment fund – Impact Fund for Africa (IFFA), is to be launched on November 12, 2018 to provide support for the continent’s fashion and lifestyle industries.
The fund to be launched in Paris during the Paris Peace Forum, by the Ethical Fashion Initiative alongside African Fashion Fund and the European Commission (EC), is an initiative of President Emmanuel Macron of France.
The event will be witnessed by over 84 Heads of States, the United Nations Secretary General and many dignitaries.
The proposed fund will address the investments needed to leverage the power of creative and cultural industries to expand the social capital of Sub-Saharan African countries and thus contributing to the United Nations Sustainable Development Goals, as well promote inclusive growth in these economies.
The Impact Fund for Africa (IFFA) 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.
For over 10 years the Ethical Fashion Initiative (EFI) has invested in refining production systems that enable production with community groups of micro-entrepreneurs in target countries.
Working in the luxury and lifestyle sectors to support international companies such as Vivienne Westwood and Stella McCartney in sourcing high-quality and ethically-produced artisanal goods from some of the developing world’s most difficult environments.
AFF Founder, Roberta Annan, speaking ahead of the launch, said: “I am thrilled about this partnership with the EFI and the EU. I believe it will give African brands the indispensable funding and resources to participate competitively in the global fashion economy.”
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