IFC, EIB and PROPARCO are investing in Intaj Capital II, a private equity fund targeting US$ 300 million which will be deployed in businesses in the Middle East, North Africa and Turkey to help strengthen companies, spur economic growth, and create jobs. The initial closing of Intaj Capital II was held on September 30, 2010.
The Fund is sponsored and advised by SWICORP, a financial advisory and private equity firm with over 20 years of experience providing such services across the MENA region.
Intaj Capital II will invest in mid to large size companies operating in sectors driven by growth in consumer demand such as consumer goods, retail, communications, consumer services, construction materials and consumer financial services. The Fund aims to create regional market leaders and support and develop companies so that they can expand both locally and across the region.
"Already being an investor in Intaj Capital I, PROPARCO renews its partnership with Swicorp through an investment in Intaj Capital II. In addition to the contribution to the development of a dynamic SME sector in the MENA region, we are pleased to support Swicorp and the investment team in becoming an established and prominent fund manager in the region." said Laurent Demey, Deputy Chief Executive Officer of PROPARCO.
Dimitris Tsitsiragos, IFC Director for the Middle East, North Africa and Southern Europe said: "With these investments we aim to act as a catalyst by demonstrating that the growth of funds in emerging markets can play a significant role in developing private sector companies."
"The European Investment Bank is committed to investing in private equity operations which provide economic diversification and employment as well as enhance the corporate standards of enterprises in our partner countries", highlighted Philippe de Fontaine Vive, EIB Vice-President, responsible for the Mediterranean region.
Companies that the fund invests in will also receive advice on implementing better corporate governance, raising environmental and social performance, and other business support which aims to improve the long-term and sustainable development of investee companies by advising them both before and after they receive financing.