IFC to invest up to $20m in SPE Capital to target firms in Egypt, Morocco, Tunisia

via https://pixabay.com/illustrations/packs-pile-money-finance-currency-163497/

The World Bank’s International Financial Corporation (IFC) plans to invest up to $20-million in a new fund that will in turn invest in small and mid-cap companies in the Middle East and North Africa (MENA) region.

The African Private Equity and Venture Capital Association (Avca) said in a statement last week that the fund, SPE AIF I is managed by SPE Capital Partners and will focus mainly on Egypt, Morocco and Tunisia.

SPE Capital CEO and managing partner Nabil Triki said his fund also aims to provide industry and value-creation expertise.

“There is growing demand for such support because businesses are increasingly recognising the benefits of institutional ownership and professional management,” he added.

The $20m will be invested in a fund managed by SPE Capital which will focus on Egypt, Morocco and Tunisia

The investment is part of IFC’s strategy to partner with selected fund managers in key regions to meet the needs of fast-growing companies, to help mobilise additional institutional capital in high growth sectors and ultimately strengthen capital markets.

In the 2019/20 financial year the IFC  invested $40.5-million in private equity and venture capital funds to support businesses in the MENA region, Avca said.

Featured image: PublicDomainImages via Pixabay

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