EIB Commits $350 Million to Boost Private Sector Growth in North Africa

EIB Commits $350 Million to Boost Private Sector Growth in North Africa

(IN BRIEF) The European Investment Bank (EIB) has pledged support for a new $350 million regional private sector investment fund managed by SPE Capital, focusing on Egypt, Tunisia, and Morocco. Aimed at fostering growth in key sectors like healthcare and education, the initiative aims to create over 10,000 skilled jobs, contributing to sustainable economic development across North Africa.

(PRESS RELEASE) LUXEMBOURG, 2-Jul-2024 — /EuropaWire/ — At the EU-Egypt Investment Conference in Cairo, the European Investment Bank (EIB) announced its support for a new $350 million regional private sector investment fund managed by SPE Capital. The fund aims to catalyze equity investments in high-growth sectors such as healthcare, education, manufacturing, and financial services across Egypt, Tunisia, and Morocco. This initiative is expected to generate over 10,000 skilled jobs, fostering sustainable economic development in North Africa.

Nabil Triki, CEO of SPE Capital, emphasized the strategic importance of the EIB’s backing in facilitating long-term equity investments that will drive business expansion and economic advancement in the region. The fund will provide crucial risk capital and managerial expertise to enhance operational efficiency and accelerate growth for local businesses amid challenging economic conditions.

The agreement, signed at the conference by EIB Vice President Gelsomina Vigliotti and SPE Capital’s Tarek Lababidi, and witnessed by H.E. Dr. Rania A. Al-Mashat, Minister of International Cooperation of Egypt, underscores the EIB’s commitment to fostering sustainable economic growth and job creation in North Africa. The investment is part of the EU’s Global Gateway strategy and involves collaboration with other European and international development partners.

Vigliotti highlighted the EIB’s role in supporting regional economic resilience through targeted investments in healthcare, education, and financial services. This initiative aims to unlock the potential of local businesses, creating significant socio-economic impact across the region.

H.E. Dr. Rania A. Al-Mashat reiterated the importance of equity investments in driving private sector development and job creation, underscoring the longstanding partnership between Egypt and the EIB in securing financing for private sector initiatives.

Background information

About the European Investment Bank

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner in Global Gateway. We aim to support €100 billion of investment by the end of 2027, around one third of the overall target of this EU initiative. With Team Europe, EIB Global fosters strong, focused partnerships, alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices around the world.

About SPE Capital

SPE PEF III, LP is a private equity investment vehicle established to make investments in companies poised for promising growth across Africa, with a specific focus on North Africa and the possibility to invest up to 25% in Sub-Saharan Africa, with the goal of contributing to sustainable economic growth in the region. The Fund has a clear strategic focus on control transactions in a defined set of sectors such as manufacturing (FMCG, food, packaging, etc.), B2B services (logistics, B2B distribution, offshoring, non-banking financial institutions, etc.), education and healthcare.

The fund reached initial close in May 2024 with a target size of USD 350m and a hard cap of USD 400m.

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SOURCE: European Investment Bank


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