The African small and medium enterprises (SMEs) sector has received $10 million in investment in the past one-and-a-half years. The said investment came from African Private Equity & Venture Capital Association (AVCA), according to This Day Live.

AVCA board member Tokunboh Ishmael said the group also poured another $10 million in Ghana-based SMEs, on top of the $10 million given to Nigeria-based SMEs. She also said AVCA has invested in 1,000 firms across Africa, the report detailed.

Ishmael added: "Private equity and venture capital plays a crucial role in financing the SME sector, which is  the engine of economic growth the world over."

Okey Enelamah, the Chief Executive Officer of the African Capital Alliance, said AVCA's main goal is to prepare unlisted enterprises for listing. He also said the organization would continue to nurture an environment that would further lure in capital investment into Africa, the report explained.

AVCA is a non-profit organization that aims to develop private equity and venture capital in Africa. The firm was established to assist in the development of SMEs in the continent, This Day Live reported.