(Ecofin Agency) - Amethis Mena Fund II, which is exclusively dedicated to North Africa and the Middle East, announces its first investment in Morocco, in the agricultural sector notably.
Indeed, the Luxembourg-based Amethis that manages the fund acquired a majority stake in Magriser, a company specializing in the distribution of micro-irrigation equipment and solar pumping systems.
The amount invested was not disclosed but Amethis Mena Fund II's strategy is to commit between €5 to 15 million in high-potential sectors. According to the fund manager, thanks to the investment, Magriser will embark on a new growth phase.
As a matter of fact, by late 2021, Magriser will launch its micro-irrigation pipe production unit. It also plans to expand in the African continent but it provides no details on the countries targeted.
Currently, Amethis Mena Fund II is planning its first closing. The fund, which seeks €150 million, has already received two investment pledges (to the tune of €20 million each) from the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD). The fund plans to finance about 15 SMEs in North Africa and the Middle East but it will mainly target Morocco and Egypt while selectively engaging investments in other MENA countries.