5 December 2017

North Africa: IFC Invests €15 Million in Private Equity Fund to Help SMEs in North Africa

press release

Tunis, Tunisia — IFC, a member of the World Bank Group, is investing €15 million in a new private equity fund by AfricInvest, a leading private equity fund manager, to help expand access to finance for small and medium enterprises in North Africa. The investment is part of a larger effort to support economic growth and create jobs.

Globally, the Middle East and North Africa region ranks low in terms of lending to small and medium enterprises (SMEs) which form the backbone of the economy and are crucial for job creation. IFC's financing will help Maghreb Private Equity Fund IV to invest in up to 15 companies primarily in Tunisia, Algeria, Morocco, and Egypt.

"IFC is a long-time partner of AfricInvest and IFC's repeat participation in our new fund will send a strong vote of confidence to a range of investors, including those in the private sector" said Aziz Mebarek, AfricInvest founding partner. "We are looking forward to providing much-needed access to finance to SMEs to help them push beyond the boundaries of their countries and into new markets."

Private equity investments are crucial for the region's development and stability as they help create new jobs, drive economic growth, and encourage further investments in related sectors. AfricInvest has already invested in about 136 companies and generated over 13,000 direct jobs across its platform of investment vehicles.

"AfricInvest has been instrumental in promoting the private equity industry across the region," said Mouayed Makhlouf, IFC Director for the Middle East and North Africa. "Through this new investment, IFC continues to play a counter cyclical role. It is part of our broader work in the region to support small and medium enterprises and help them create jobs."

IFC's work in MENA is designed to help to address the region's most pressing development challenges. By partnering with private sector companies, we aim to promote job creation, increase access to finance, and support up-and-coming entrepreneurs.

SOURCE International Finance Corporation (IFC)

North Africa

Uganda, Egypt Out of Cosafa U20 Tournament

South Africa will take on Lesotho in the final of the 2017 Mopani Copper Mines COSAFA Under-20 Championships after their… Read more »

Copyright © 2017 PR Newswire. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 900 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.