Egypt: IFC commits $20m to PE fund manager
The IFC has announced an investment in a private equity fund managed by Ezdehar Management, a private equity fund manager focused on Egypt.
IFC’s $20 million investment in the Ezdehar Mid-Cap Fund II (EMF II) brings the fund’s total commitments to $168 million at first close. EMF II will invest in businesses across important growth sectors in Egypt, including consumer and retail, business services, education, healthcare, and manufacturing.
“With this fund, Ezdehar was able to significantly expand its investor base to include a unique set of reputable regional and global institutions,” said Emad Barsoum, Ezdehar’s founder and managing director. ”This fund is setting Ezdehar as the preferred partner for deploying development capital to build homegrown private sector champions in Egypt.”
“With the Covid pandemic continuing to present companies with unprecedented challenges, IFC remains committed to providing funding and support to businesses that need it most,” said Shruti Chandrasekhar, IFC’s Africa regional lead for private equity and venture capital funds. ”Our investment in Ezdehar will help sustain and create jobs and promote entrepreneurship in Egypt.”
Other international investors supporting the fund are the Belgian Investment Company for Developing Countries, CDC Group, the Egyptian-American Enterprise Fund, the European Bank for Reconstruction and Development, the European Investment Bank, and FMO.
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