Cairo, 6 March, 2008 — IFC, a member
of the World Bank Group, today signed an agreement to invest in AlterMed,
a private equity fund. The investment of up to €11 million will support
the growth of small and medium enterprises in North Africa. The European
Investment Bank and Caisse d’Epargne are partners in AlterMed.
IFC’s equity financing, as part of the AlterMed’s initial capital of
€75 million, aims to develop regional champions in high-growth sectors.
The fund will support small and medium enterprises through a diversified
portfolio of industrial and commercial companies, including pharmaceuticals,
telecommunications, construction materials, consumer goods, food processing,
plastics, mechanical industries, automotive parts, and logistics.
AlterMed, which is managed by Viveris Management, is the first fund to
adopt a compartment-type fund in the Mediterranean region. The fund comprises
three compartments, each dedicated to specific regions: AlterMed Maghreb,
which is dedicated to making minority investments primarily in Moroccan
small and medium enterprises; AlterMed Alternative Private Equity Fund,
which will focus on Tunisian small and medium enterprises; and AlterMed
Turkey, which will be set up shortly and will focus on Turkey. The first
two compartments will also target small and medium enterprises based in
Algeria, in a limited way.
Eric Schettini, Chairman of Viveris Management, said, “AlterMed is a fund
with three geographical compartments. This management structure is innovative,
as management units will be set up in Rabat, Tunis, and soon Istanbul,
while the overall management of the fund will still remain Viveris Management.
This will allow the fund to respond to the specific needs of each country.”
Haydee Celaya, IFC Director for Private Equity and Investment Funds, said,
“Credit and capital markets in the Middle East and North Africa need private
equity as an important source of external financing for fast-growing companies.
Our investment will enhance the competitiveness of local small and medium
enterprises by making equity and other value-added services more available,
while supporting the transfer of strategic and operational skills to local
A key component of IFC’s strategy is to support emerging fund managers,
especially those focusing on small and medium enterprises. IFC’s commitment
will help Viveris Management by boosting trust in the private equity market.
IFC, a member of the World Bank Group,
fosters sustainable economic growth in developing countries by financing
private sector investment, mobilizing private capital in local and international
financial markets, and providing advisory and risk mitigation services
to businesses and governments. IFC’s vision is that poor people have the
opportunity to escape poverty and improve their lives. In FY07, IFC committed
$8.2 billion and mobilized an additional $3.9 billion through syndications
and structured finance for 299 investments in 69 developing countries.
IFC also provided advisory services in 97 countries. For more information,