Cairo – Mubasher: The International Finance Corporation (IFC), a member of the World Bank Group, will inject $20 million into a private equity fund manager SPE AIF I operating in MENA.
The investment aims to help small- and medium-sized enterprises (SMEs) in MENA to “improve their access to institutional capital and boost growth,” amid economic slowdown caused by the novel coronavirus (COVID-19) pandemic, according to a statement on Monday.
The fund, managed by SPE Capital Partners, will focus on Egypt, Morocco, and Tunisia
“By backing an experienced fund manager focused on the MENA market, IFC’s support will help signal the continued viability of private equity in the region,” IFC’s regional director for MENA, Beatrice Maser, said.
“Greater access to such financing can help spur private sector development and job creation, which are both still much needed in the region,” Maser pointed out.
In fiscal year 2020, IFC has invested $40.5 million in private equity and venture capital funds in MENA.
