Marseilles, 25/04/2003 (Agence Europe) - The European Investment Bank has joined forces with European savings banks to set up a capital investment fund for the Mediterranean region, dubbed "Averroès Finance Fund". Its partners are CDC PME (Caisse des Dépôts group), Proparco (AFD group), CEPAC (Groupe Caisse d'Epargne).
Averroès Finance will be a "funds fund", in the form of a limited company with initial capital of 26.5 million Euros. According to its promoters, it will participate in existing and future capital investment structures in Maghreb and Mashreq, which will themselves invest in own resources of SMEs in these countries at different stages of their lives or activities. The aim is to promote "the development of availability of structured and professional funding in own resources for SMEs" in Mediterranean sub-regions, and to support financial synergy.
It has been indicated that this funds fund will eventually be increased to 30 million Euros by the arrival of new subscribers: public, semi-public and institutional shareholders, and European and Mediterranean financial undertakings.