Saturday 12th July 2014

banner.png

news menu leftnews menu right

Morgan Stanley and IFC invest in eleni LLC PDF Print E-mail
By Staff Reporter   
Monday, 28 January 2013 13:51

eleni LLC., a newly formed company led by Eleni Gabre-Madhin (PhD),

founder and former CEO of Ethiopian Commodity Exchange (ECX) announced that Morgan Stanley and IFC (International Finance Corporation) have both agreed to make an equity investment for the Nairobi, Kenya-based company which will incubate and support the formation of commodity exchanges across Africa, helping to promote food security.
It is also anticipated that a third investor, the 8 Miles Fund, an Africa-focused private equity fund, will join the investment round within a month, together with envisaged support from the African Development Bank.
Building on the success of the highly acclaimed Ethiopia Commodity Exchange (ECX), which she founded and managed from 2008 to 2012, Eleni and co-founders Keith Thomas and Jawad Ali have launched eleni LLC., which aims to be the industry leader in designing, building, and supporting the operations of commodity exchange eco-systems in frontier markets.
The company’s business model is based on delivering turnkey projects on a Public-Private Partnership (PPP) basis, combining private investment with the best of know-how, technology and management, to support exchange projects. The company expects to launch several such projects in 2013.
“I cannot think of a better time to develop this business in Africa. Africa is the world’s last frontier for agriculture, with only one quarter of its yield potential achieved and seventy percent of its farmland as yet unused. Our company represents passion, excellence, integrity and innovation. Our aim is to build vibrant exchanges across frontier economies, going beyond Africa and beyond agriculture, to transform not only commodity markets but also the livelihoods of millions of producers,” Eleni said.
Funding of 5 million dollar for eleni LLC has been raised by investment from Morgan Stanley, which has invested in a number of exchanges and market centers around the world, and IFC, the financial arm of the World Bank Group, the largest global development institution focused exclusively on the private sector, will invest up to 2.5 million dollars.
Beyond the initial funding, each country or regional exchange project will involve the formation of a private investor consortium. eleni LLC aims to rollout exchanges progressively across Africa and elsewhere in the coming years.
“Morgan Stanley is committed to leveraging its financial expertise in support of business models that help address society’s greatest challenges and as an early strategic investor in successful market structure companies. We look forward to bringing our expertise to help eleni LLC achieve positive social and economic impact,” Gary Offner, Managing Director of Morgan Stanley, said.
“Africa is a strategic priority for IFC, and, by improving the functioning of commodity markets, this project will enhance productivity and risk management. It will also make finance more accessible for farmers, helping them to increase their share of the final price and get paid more quickly,” Georgina Baker, Director Trade and Supply Chain, IFC, said on his part.
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services.
Eleni Gabre-Madhin has been recognized with the Yara Prize for Agricultural Transformation in Africa and the African Banker Icon award, among others.


blog comments powered by Disqus
 

ADVERTISEMENT

POLL 1

1. Do you think a Latin American country will win the World Cup?

(135 votes)

34.1%   (46)
45.9%   (62)
20%   (27)
Loading...

POLL 2

2. Do you think the salary increase made by the government will stabilize the cost of living?

(237 votes)

67.1%   (159)
31.2%   (74)
1.7%   (4)
Loading...


Powered by Spearhead Softwares Joomla Facebook Like Button
Follow us on Twitter

PANKHURST'S CORNER

The Dramatic History of Addis Ababa Part 13: The Beginnings of Cabinet Government

The object of the present series of articles is to consider how the founding and early growth of Addis Ababa witnessed Transformation in other fields of Ethiopian economic, social and political life. read more...

ENTREPRENEUR PROFILE

Name: Lemlem Alemayehu
Education: 10th grade
Company name: Lemlem Boutique  
Studio title: Owner
Founded: 2004
What it does: Selling women’s dresses  
HQ: Bole Medehanyalem  
Number of employees: One read more...

DOING BUSINESS

Very often I find myself very busy trying to get things done. And I am not alone. We run around here and there and join the rat race from morning to night, just to find ourselves exhausted and not satisfied that we have done enough. read more...

BUSINESS & ECONOMY

Across the United States, Europe, and much of the rest of the developed world, the recent wave of state interventionism is meant to lessen the pain of the current global recession and restore ailing economies to health. read more...