Date: 23/04/2019
Theme: Vie d'I&P


The Malagasy investment fund Miarakap, sponsored by I&P, has invested in the microfinance institution APEM PAIQ, which has been offering loans to small Malagasy entrepreneurs and farmers located in the capital Antananarivo and its surroundings for over 20 years.

Miarakap's participation in the capital marks a new stage for APEM PAIQ. This 5-year partnership will provide 15,000 credits by 2023. A major opportunity for thousands of small entrepreneurs who are looking for financing solutions adapted to their needs.

APEM PAIQ's mission is to support disadvantaged families by enabling them to increase their income from their activities and empower women, who represent 70% of its clients. APEM PAIQ contributes to reducing social and gender inequalities: only 5% of Malagasy people now have a bank account and only 20% have access to financial services.

Convinced by this ambitious project, Miarakap has decided to invest in APEM PAIQ, for a minority stake that will allow APEM PAIQ to scale up, strengthen its governance, and mobilize additional financial resources to finance its development.


We are very happy with this second investment, in an ambitious and formal company operating in a promising and growing market. We were particularly impressed by the commitment and involvement of the management team in the development of this institution with a strong social impact".

Alia Drouin, Investment Officer at Miarakap


About Miarakap

Miarakap is the first impact fund dedicated to the financing and support SMEs and start-ups in Madagascar.

Managed by Emmanuel Cotsoyannis, Miarakap is the fourth African fund sponsored by Investisseurs & Partenaires as part of its program I&P Development 2. The network currently includes impact funds specialized in SME-financing in Niger (Sinergi Niger), Burkina Faso (Sinergi Burkina), in Senegal (Teranga Capital) and Côte d'Ivoire (Comoé Capital).

Access Miarakap's website →