New Fund for Small and Medium Businesses in North Africa
/Extradted 17OCT2011 from http://www.ifc.org/IFCExt/Pressroom/IFCPressRoom.nsf/0/8B638EBAAACAD94D852579...
Cairo, October 12, 2011—IFC, a member of the World Bank Group, is investing €15 million in a private equity fund that will invest in small and medium enterprises in Algeria, Libya, Morocco, and Tunisia, helping expand access to finance and spur economic growth.
The €96 million Maghreb Private Equity Fund III is being launched by Tuninvest, a leading fund manager in the Middle East and North Africa. The fund will invest in lines of business such as packaging, pharmaceuticals, financial services, agribusiness, and consumer goods...IFC will work closely with the fund managers to ensure that they adopt corporate governance best practices, as well as environmental and social standards...
Amid political, civil, and economic uncertainty in the Middle East and North Africa, IFC has invested $1.35 billion in the region so far this year, and committed to eight advisory programs worth over $6 million...