EBRD about to invest in North Africa Fund with $ 60 mn

The European Bank for Reconstruction and Development intends to invest $60 mn in  North Africa Fund III of Riyada Managers BV (RMBV).

The bank added, on its official website, that it is scheduled to decide on the new investment on November 29.

The bank indicated that the fund will seek to make  Equity Investments In Medium-Sized Companies at a value of $300 bn, to achieve long-term capital growth, mainly in Egypt, Morocco and Tunisia.

The bank stated that its investments are expected to contribute to the flexibility of financial markets, by supporting private equity as an alternative source of financing in medium-sized companies, and increasing competition of the fund's portfolio companies through the operational improvements.

EBRD indicated that the Fund has complied with its requirements and confirmed that it has adopted and implemented its own environmental and social risk management procedures for active equity funds and will submit annual environmental and social reports to the Bank.

EBRD will continue to support fund managers operating in the Southern and Eastern Mediterranean region.

The bank stated that the fund will be managed by Riyada Managers BV (RMBV), which focuses on Egypt in the first place.

It is worth noting that Riyada is being led by Ahmed Badreldin, the former head of  Middle East and North Africa at the liquidation private equity firm, Abraaj.