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Egypt,Jordan,Lebanon : IFC commits $15mln to EuroMena III

June 19, 2014

A member of the World Bank Group, IFC has announced $15 million grant to EuroMena III, a private equity fund that will support small and medium enterprises (SMEs) in the Middle East and North Africa (MENA).

The equity investment of IFC will help the fund invest in SMEs in Egypt, Lebanon and Jordan. In addition, it will explore scopes throughout the rest of the region in diverse sectors, from healthcare to manufacturing.

Romen Mathieu, managing partner of the fund, commented We see great investment opportunities across the MENA region where our fund can help firms expand and improve their operations. We want to make sure SMEs with potential are given the chances they need. Hopefully we will have opportunities to invest in countries that have struggled a lot through recent times.

Mouayed Makhlouf, IFC Director for the Middle East and North Africa, stated SMEs find it difficult to get the finance to put their business ideas into practice, yet they are the ones who can contribute most to the economy. By investing in funds like these we can make sure our expertise and backing goes where it is most needed.

IFC s scheme in MENA is to uphold SMEs and create jobs, at the same time working to enable female entrepreneurs and young people.

In 2014, IFC has lifted its commitment to private equity funds in MENA, granting $3 million in Palestine Growth Capital Fund to support SMEs in the West Bank and Gaza, and 15 million in Mediterrania Capital II in the Maghreb countries.

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Source: TendersInfo (India)

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