USD 60 million for SMEs in Lebanon, Egypt, Jordan and Iraq

Emerging Investment Partners (EIP), a private equity fund management for the MENA region, announced that it has successfully closed the first phase of subscriptions at its Levant Fund. The anticipated target size is USD 60 million to be employed in small and medium enterprises in Lebanon, Egypt, Jordan and Iraq. EIP said in a statement, that the main contributions to the fund are from the International Finance Corporation (IFC), A member of the World Bank Group, and Dutch Good Growth Fund (DGGF), in addition to local investment parties, namely Obegi and Al Fadel Groups and Capital pe. The fund, according to the statement, will focus on SMEs whose sales are less than USD 50 million, provided the invested amounts in each company is between USD 1 million and USD 6 million. The Fund investments will target existing high potential companies helping them to expand and scale up their activities locally and globally through export. (Al Akhbar, March 12, 2020)