The European Investment Bank (EIB) has committed €20 million to the Capital North Africa Venture Fund II (CNAV II), a Maghreb-focused generalist fund managed by the independent Casablanca-based private equity firm, Capital Invest.
CNAV II has reached a first closing of over €75 million and is targeting a final size of €100 million. Its primary focus will be on providing equity and quasi-equity financing to support the expansion of small and medium-sized enterprises (SMEs) in the region.
EIB Vice President Philippe de Fontaine Vive, said:
“The EIB is very pleased to renew its support to Capital Invest, having partnered with the team for the past 13 years. Support to SMEs, including through private equity instruments, is a key priority of the Bank as these actors play a crucial role in the economies of each of our Mediterranean Partner Countries.
"They are the essential key to restoring private sector growth and employment in the region which underpin the future aspirations of the region’s youth.”
The EIB’s commitment is financed by the European Union via the European Neighbourhood Partnership Instrument (ENPI) and by Spain via the Spanish Agency for International Cooperation and Development (AECID).
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
In the aftermath of the Arab Spring, the EIB and Spain signed a Partnership Agreement to support employment in the countries of the southern Mediterranean, which provides for risk capital co-investments alongside the EIB of up to €100 million in support of SMEs.
(Source: EU Neighbourhood Info)