href=”http://www.orabank.net/” target=”_blank”>Oragroup, a Togo-based commercial bank, today announced that it has closed the first tranche of an $18 million equity fundraising from investors including Development Finance Institutions BIO and PROPARCO.

Commenting on the equity fundraising, Patrick Mestrallet, CEO at Oragroup said: “This capital injection represents a major landmark for Oragroup; highlighting our existing investors’ confidence in our business model and in the pan-African markets in which we operate. Through this additional investment, we will be able to undertake the next steps in our expansion plans, supported by market leading private equity firm Emerging Capital Partners (ECP)”.

ECP has been active in the African financial services sector for over a decade now.

In order to support its ambitious acquisition program, the group will seek to raise funds in the region of $50 million through a combination of debt and equity financing from a diversified investor base which includes local, regional and international investors, adding both retail and institutional shareholders to Oragroup’s share capital.

In November 2011, Oragroup also attracted a $20 million growth equity investment of $7million and $13 million from BIO and PROPARCO respectively.

Oragroup is a regional banking group spanning 6 countries (Benin, Togo, Guinea, Chad, Gabon, Mauritania) and 4 monetary zones, with a total balance sheet of $1.4 billion.

Emerging Capital Partners (ECP) is a private equity firm that has raised more than $2 billion for growth capital investing in Africa.  Founded in 2000, ECP was one of the first firms dedicated to Africa which, today, translates into investments in more than 50 African companies through seven funds.