Beirut, Lebanon, June 11, 2014
—IFC, a member of the World Bank Group, has committed $15 million to EuroMena III, a private equity fund that will support small and medium enterprises (SMEs) in the Middle East and North Africa (MENA), giving them the chance to expand and create jobs.
IFC’s equity investment will help the fund invest in SMEs in Egypt, Lebanon and Jordan. It will also explore opportunities throughout the rest of the region in diverse sectors, from healthcare to manufacturing. Despite being a major factor in economic growth, SMEs in MENA often cannot get the funding they need to expand and contribute to the economy.
“We see great investment opportunities across the MENA region where our fund can help firms expand and improve their operations,” said Romen Mathieu, managing partner of the fund.
“We want to make sure SMEs with potential are given the chances they need. Hopefully we will have opportunities to invest in countries that have struggled a lot through recent times.”
As well as focusing on companies that are expected to create new job opportunities, the fund will help share IFC expertise on transparency and corporate governance to foster sustainable growth.
“SMEs find it difficult to get the finance to put their business ideas into practice, yet they are the ones who can contribute most to the economy,” said Mouayed Makhlouf, IFC Director for the Middle East and North Africa. “By investing in funds like these we can make sure our expertise and backing goes where it is most needed.”
IFC’s strategy in MENA is to support SMEs and create jobs, while working to empower female entrepreneurs and young people. This year, IFC has ramped up its commitment to private equity funds in MENA, investing $3 million in Palestine Growth Capital Fund to support SMEs in the West Bank and Gaza, and €15 million in Mediterrania Capital II in the Maghreb countries.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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