IFC Invests in Fund to Support Growth in the Middle East, North Africa, Turkey
IFC, a member of the World Bank Group, announced today that it is investing in the Intaj Capital II fund, a $300 million fund that will invest in businesses from a range of sectors in the Middle East, North Africa, and Turkey, helping them expand rapidly to create employment opportunities.
IFC is investing $20 million in the fund, which is seeking to acquire stakes in 12 to 15 medium to large companies operating in sectors driven by growth in consumer demand including consumer goods, retail, communications, construction materials, and consumer financial services.
The Intaj Capital II fund is sponsored by Swicorp KSA, a Saudi company with more than 20 years experience providing financial advisory services in the Middle East and North Africa region. Intaj Capital II aims to provide the investment needed for businesses to expand locally and regionally.
Dimitris Tsitsiragos, IFC Director 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.”
Businesses receiving investment from the fund will also benefit from support to help them implement better corporate governance, and to raise their environmental and social performance and improve their long-term, sustainable development prospects.
In fiscal year 2010, IFC committed more than $860 million to financial markets in the Middle East and North Africa (MENA). IFC Advisory Services in MENA also works with banks, microfinance institutions, and non-bank financial institutions to expand financial infrastructure and allow small and medium enterprises to access finance.
This article was originally posted on Sustainable Development Africa Platform