Cairo, Egypt, October 4, 2010—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
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.
IFC, a member of the World Bank Group, is the largest development institution
focused on the private sector in developing countries. We create opportunity
for people to escape poverty and improve their lives—by providing financing
to help businesses employ more people and provide essential services, mobilizing
capital from others, and delivering advisory and risk-management services
to ensure sustainable development. In a time of global economic uncertainty,
our new investments climbed to a record $18 billion in fiscal 2010. For
more information, visit www.ifc.org.