IFC contributes to EIP
$60 million SME fund
To invest in ten industrial, agriculture
and trade sector companies
The EIP Levant Fund, which was established and is managed by Emerging Investment Partners (EIP), a Beirut-based private equity fund management company, has received commitments to become shareholders in its capital from the International Finance Corporation (IFC), and Dutch Good Growth Fund (DGGF).
The value of the fund is between $50 and $60 million. The first phase of subscriptions will be closed in the first quarter of this year.
The fund will employ its capital in the coming three years in eight to ten small and medium enterprises in Lebanon, Egypt, Jordan, and Iraq. Funds invested in each project range between $5 and $8 million. Wassim Hneineh, CEO of EIP, said that Lebanon's share from this fund will be 50 percent.
The SMEs will come from several sectors including agricultural industries, health, education, trade, and logistic services. The companies should be able to export and have ability to achieve growth.
Hneineh said: “The fund is in the process of assessing the available opportunities, and it will be ready for starting investments in the second quarter.”
The fund is keen that the investments will encourage economic development and create jobs.
Karim Burhani, also CEO of EIP, said: “The fund will choose the successful companies, and will work on empowering them financially to be able to expand their work in the regional market.”
Date Posted: Jan 24, 2018