WASHINGTON, D.C., June 28, 2000 – A
new US$21 million private equity fund has been created to invest in small
and high-growth-sector companies mainly in Morocco and also in Algeria
The Maghreb Private Equity Fund Limited is designed primarily to help Moroccan
companies realize long-term capital gains from equity investments. The
fund can also invest up to 30 percent of its capital in Algerian and Tunisian
The Fund will be an active investment partner in investee companies and
offer help in staffing, marketing, as well as financial and strategic management
services. It aims to establish synergies between the activities of its
IFC is investing $5 million in the Fund and will take a 17.75 percent stake,
representing an equity investment of $17,750 in MaghrebInvest Management,
Ltd (MML), the company established to manage the Fund.
Managers of MML will be Tuninvest Finance Group, a leader in private equity
fund management in Tunisia; Paris-based Financière Natexis, which is expanding
in the Maghreb; and Casablanca-based Upline Securities, which offers brokerage,
research and corporate finance activities in Morocco.
The Fund will support viable small and medium-sized businesses by providing
much-needed access to equity and will promote skill development and technology
know-how to help create profitable companies, said Sami Haddad, IFC Director
of the Middle East and North Africa region.
The mission of IFC, part of the World Bank Group, is to promote private
sector investment in developing countries, which will reduce poverty and
improve people's lives. IFC finances private sector investments in the
developing world, mobilizes capital in the international financial markets,
and provides technical assistance and advice to governments and businesses.