Standard Bank launches energy fund in the Middle East
Standard Bank London (SBL) is currently developing a $750 million energy fund to invest in project finance transactions in the Middle East and North Africa (MENA) region. The fund will be managed by SBL through a new fund management company to be established and domiciled in Dubai. SBL envisages that the Fund will be fully financed by the middle of 2002, with the first investments from the Fund taking place immediately, confirmed a press release.
The SBL fund will offer a combination of long-term senior debt and equity finance to small to medium scale, private sector energy and energy-related transactions, where there is less interest and focus from the big commercial banks.
SBL heads say they see significant support from industry players, investment houses and development banks in the region for such a fund, particularly if it has the ability to enhance regional development through the introduction of a new and further source of long-term capital.
SBL already announced the support of the Emirates National Oil Company (ENOC) to the fund and hopes to announce shortly a larger number of institutions supporting this initiative.
Standard Bank London is the principal operating subsidiary of Standard International Holdings (SIH). SIH is the Luxembourg-based holding company for the international investment banking activities of the Standard Bank Investment Corporation Limited, a leading South African banking and financial services group. SIH has representation in 21 countries. — (menareport.com)
© 2001 Mena Report (www.menareport.com)
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