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TunisiaEIB provides $15 million for Egypt fund targeting SME investments
The European Investment Bank has signed an agreement to invest $15 million in Egypt Mid-Cap, a generalist private equity fund targeting growth capital investments in small and medium-sized private companies located in Egypt. The fund has attracted $85 million of commitments, including $70 million from other international and local co-investors.
This is the first EIB operation signed in Egypt under the Risk Capital Facility for the Southern Neighbourhood Countries and the first investment in an Egyptian fund since 2011.
The fund will target growth capital investments in Egyptian SMEs that are seeking to grow their business at above average growth rates. The fund investments are expected to create between 1,200 and 1,600 direct new jobs.
The EIB Risk Capital Facility is part of the ‘EU Initiative for Financial Inclusion’, which has been developed jointly by the European Commission and several European Financial Institutions, among them the EIB. The initiative is a comprehensive programme to help micro, small and medium-sized businesses in the southern and eastern Mediterranean region to become more competitive and grow, and provides finance and know-how to boost development and create jobs.
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Countries covered:
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Egypt
