Mobilizing diaspora resources into an impact investment fund in Mali

IFAD and I&P partnered to launch this project aimed at mobilizing the Malian diaspora resources into a local Malian impact investment fund supported by I&P: Zira Capital. I&P has identified, trained and supported a core group of potential Malian diaspora investors in France. With the technical support of I&P and legal advisory brought by the project, diaspora investors created a company, Ciwara Capital, to pool their capital in France to be invested in Malian SMEs and start-ups. Ciwara Capital will invest through Zira Capital, and, on the long term, envisions direct investment into SMEs.
  • Financed: 1,556,164
  • Co-Financed: 191,585
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Duration: 2019 ~ 2024

Project Category Diaspora Investment
Rural Development
Target Groups:
  • Mali and France (as host country of the Malian diaspora)
  • Target groups: SMEs financed, generating jobs and spill-over effects on agricultural value chains and Malian diaspora in France
FFR Strategic Framework
Mali Diaspora investment

Project Goals

To mobilize Malian diaspora investment towards economic development, entrepreneurship and employment in Mali, particularly in rural areas.

Implementing Partners

Investisseurs & Partenaires (I&P) is a pioneer group of impact investment in Africa. It is based in France and focuses its operations in 10 African countries. I&P has raised over EUR 400 million and supported more than 200 companies in Africa. I&P is the manager of 22 dedicated funds to match the different needs of small- and medium-sized enterprises (SMEs). Through IPDEV 2, a fund of funds, I&P supports the creation of local impact investment funds. IPDEV 2 takes minority shares but plays the role of a sponsor fund in those local funds, along with local investors. Besides, I&P plays the role of a close partner with the fund management. In Mali, the local fund sponsored by IPDEV 2, named Zira Capital, has started operating in 2022. It finances SMEs and start-ups with strong growth potential, with needs ranging between EUR 30,000 and EUR 300,000.

Geographic Target



  • One impact investment fund created (Ciwara capital) and fully owned by the Malian diaspora
  • EUR200k raised by the diaspora
  • 2 SMEs financed through the diaspora investment fund