Brussels, 10/06/2013 (Agence Europe) - Small and medium-sized enterprises (SMEs) “play a crucial role” in the neighbouring Mediterranean countries and will be supported by the EU, asserted Philippe de Fontaine Vive, the European Investment Bank (EIB) vice-president, at the announcement on Monday 10 June of the EIB's commitment of up to €20 million to a generalist fund focused on the Maghreb - the Capital North Africa Fund II (CNAV II). “Support to SMEs, including through private equity instruments, is a key priority of the bank”, de Fontaine Vive said.
The primary focus of CNAV II will be “on providing equity and quasi-equity financing to support the expansion of SMEs in the region”, the EIB states. CNAV II, managed by Capital Invest - and independent private equity firm based in Casablanca - hopes to mobilise €100 million for this operation for the benefit of SMEs. CNAV II has reached a first closing of €75 million. (FB/transl.fl)