AIG Africa Fund acquires 36 percent stake in Morocco’s Gharaf Corporation

Published December 28th, 2003 - 03:00 GMT

The American International Group (AIG)’s African Infrastructure Fund has acquired a 36.4 percent stake in Moroccan fertilizer importer Gharaf Corporation for approximately $10 million.

According to Gharaf’s CEO Amine Kandil, the acquisition will enable the company to fund a $5.5 million investment program and pay off debts worth $4.5 million, he said at a press conference.

The AIG fund was established in 2000 to invest in infrastructure and related industries in Africa. The fund will either join with African or international companies to sponsor attractive new businesses, or will invest in established companies to fund growth and new operations. Emerging Markets Partnership is the principal adviser to the fund, and AIG is the principal sponsor of the fund. — (menareport.com)

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