The IFC, a World Bank member, has announced it will invest $25 million in the MENA Joint Investment Fund that will provide private equity to businesses in Egypt and other countries within the region. The $500 million fund will be launched by Citadel Captial and will invest in 7-10 mid-to-large-size platform companies from various industries like waste management, recycling, and renewable energy, just to name a few.
The goal is to create regional market leaders so companies may expand beyond their local markets.
“IFC continues to see exciting opportunities in emerging-markets private equity as demonstrated by our investment in the MENA Joint Investment Fund,” said Haydee Celaya, IFC Director for Private Equity and Investment Funds. “Through this investment, IFC will help regional companies in the Middle East and North Africa access finance, while ensuring the adoption and implementation of corporate governance best practice and environmental and social standards.”