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European Investment Bank to invest in SMEs of the Maghreb region

17.06.2013

The European Investment Bank (EIB) will invest €20 million in the "North Africa Venture Capital Fund II", managed by Capital Invest and dedicated to investment in small and medium-sized enterprises (SMEs) in the Maghreb region.

The European Investment Bank (EIB) will invest €20 million in the "North Africa Venture Capital Fund II", managed by Capital Invest and dedicated to investment in small and medium-sized enterprises (SMEs) in the Maghreb region.

Its primary focus will be to provide equity financing and quasi-equity to support the development of SMEs in the region, says the EIB in a statement.

The fund targets a final size of €100 million, and has already reached a first closing of more than €75 million.

EIB Vice President Philippe de Fontaine Vive said that "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."  

According to the OECD, SMEs account for over 90 percent of companies in Maghreb and are responsible for around 60 to 70 percent of net job creation, but the lack of access to credit prevents them from fully playing their role in driving the economy.ADNFCR-2976-ID-801599598-ADNFCR