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Monday, 13 April 2020

IFC commits USD 20 mn to Egypt, North Africa-focused PE fund SPE AIF I

IFC commits USD 20 mn to North Africa-focused PE fund: The International Finance Corporation (IFC) is committing USD 20 mn to Egypt- and North Africa-focused private equity fund SPE AIF I as its seeks to “boost growth in MENA amid economic disruption,” the IFC said in a press release (pdf). The fund, which is managed by SPE Capital Partners — a private equity firm set up in 2016 as a spin-off from Swicorp — invests in manufacturing, healthcare, and education across Egypt, Tunisia and Morocco. It currently holds large minority interests in Egypt-based FPI.

IFC aims to help improve private sector access to capital: Private equity is underutilized in our region by emerging markets standards despite being a key source of funding for smaller cap companies around the world. The penetration rate is as little 0.02%, compared to the EM average of 0.11%, says the IFC, citing data from the Emerging Markets Private Equity Association (EMPEA). “Greater access to such financing can help spur private sector development and job creation, which are both still needed in the region,” the IFC MENA regional director Beatrice Maser said.

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