Istanbul, Turkey, October 16, 2012
—IFC, a member of the World Bank Group, is investing €15 million in a new private equity fund that will provide capital to small and medium enterprises across Turkey, helping these firms grow and create jobs.
At a time when sources of long-term finance are scarce, the Mediterra Capital Partners I fund expects to make 10 to 15 investments in various sectors, including retail, education, healthcare, manufacturing, automotive, and logistics. At least 20 percent of investments will be provided to small and medium enterprises, and approximately 35 to 50 percent will focus on companies in Anatolia, where access to capital is limited for smaller businesses. The fund is expected to reach a total size in excess of €150 million.
“Mediterra continues to execute its strategy of investing in Turkish companies to support their growth,” said Murat Erkurt, a partner at Mediterra. “Having IFC as an investor will have a catalytic impact, which will increase the depth and breadth of solutions we can provide our portfolio companies. We look forward to a long-term partnership with IFC.”
Aftab Ahmed, IFC Director for Financial Markets and Private Equity Funds in Europe, Central Asia, Middle East and North Africa, said, “Supporting small and medium enterprises is a key element of our global strategy as they are essential for economic development and job creation. Through our partnership with Mediterra, we will be able to reach businesses in Anatolia.”
In fiscal year 2012, IFC invested $480 million and mobilized $150 million in 14 projects in priority sectors in Turkey. That included support for exporters, micro, small and medium enterprises, renewable energy, energy efficiency, cleaner production and energy security, healthcare, infrastructure, and trade finance.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit