Finance

Egypt: IFC grants $25mln to support SMEs

Thursday, 08 October 2020 12:59
Egypt: IFC grants $25mln to support SMEs

(Ecofin Agency) - The International Finance Corporation (IFC) said it will invest $25 million in Lorax Capital Partners Fund II, an Egyptian private equity fund, to help local SMEs better cope with the coronavirus fallouts.

The investment will improve access to financing for businesses affected by both the health and economic crises caused by the pandemic. With these resources, the Egyptian private equity fund will carry out targeted equity investments focused on consumer businesses and companies that specialize in providing financial services. The fund managed by Lorax Capital Partners will focus on companies with expansion plans in the sub-region.

In the long term, the firm aims to raise nearly $250 million from institutional investors. The European Bank for Reconstruction and Development (EBRD) has already shown interest in this investment vehicle. This institution recently announced its intention to inject $50 million into Lorax Capital Partners Fund II, which managed to raise nearly $142 million in a first operation closed in September 2020.

IFC claimed a total investment of nearly $57 million in private equity and venture capital funds in North Africa and the Middle East during the FY2020, which ended June 30.

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