EIB $15m to focus on North Africa
The European Investment Bank
(EIB) has signed a commitment of $15m with the SPE Africa Industrialization I
Fund (AIF I), a generalist private equity fund targeting primarily growth
capital investments in SMEs and mid-market companies mainly in North Africa
with a focus on Egypt, Morocco and Tunisia.
The fund’s first closing reached USD 80 million.
The fund’s first closing reached USD 80 million.
The fund manager, SPE Capital
Partners, will adopt a hands-on value-adding investment strategy and will seek
to acquire equity stakes in enterprises with robust growth potential in
important sectors such as education, healthcare, manufacturing and services to
meet their investment needs.
The fund seeks to contribute to
the development of the private sector in North Africa by increasing access to
capital for local SMEs and mid-market companies. Additionally, the fund’s
portfolio companies are anticipated to grow regionally and contribute to
strengthening trade between northern and sub-Saharan African countries, while
creating over 1,000 direct new jobs.
The EIB commitment was signed
under the Southern Neighbourhood Private Equity Risk Capital Facility, a EUR
71.3 million facility which aims to support private equity fund investments in
the Southern Neighbourhood countries.
The facility blends the EIB’s own
resources with European Commission resources under the Neighbourhood Investment
Facility.
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