Egypt: European Investment Bank (EIB) invests USD 22 million in the first closing of Lorax Capital Partners (LCP) Fund II
Date
10/3/2020 1:17:38 AM
(MENAFN- African Press Organization) LUXEMBOURG CITY, Luxembourg, October 1, 2020/APO Group/ --
The European investment bank (EIB) has signed a commitment of USD 22 million with LCP FUND II COÖPERATIEF U.A., a generalist private equity fund targeting primarily growth capital investments in SMEs and mid-market companies in Egypt .
At the first closing, the fund attracted USD 140 million of commitments, including from other international investors; the European Bank for Reconstruction and Development, International Finance Corporation, Proparco and the Egyptian American Enterprise Fund.
The fund manager, LCP FUND MANAGER BV will adopt a hands-on value-adding investment strategy and will seek to invest in enterprises with robust growth potential in important economic sectors including education, healthcare, manufacturing and services.
The fund seeks to contribute to the development of the private sector in Egypt by increasing access to capital for local SMEs and mid-market companies and supporting their growth and continued institutionalisation. Additionally, the Fund''s portfolio companies are anticipated to contribute to strong job creation.
The EIB''s investment comes in the framework of the Bank''s Economic Resilience Initiative Risk Capital Facility ( ERI RCF ). The facility seeks to foster private sector development and job creation through investments in venture capital and private equity funds. It blends EIB own resources with donors resources from the Economic Resilience Initiative Fund to unlock more opportunities for the private sector in the southern Mediterranean region.
MENAFN310202000027471784ID1100896041
--MENAFN310202000027471784ID1100896041-->
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.