Under its Facility for Euro-Mediterranean Investment and Partnership (FEMIP), the European Investment Bank (EIB) is participating to the tune of EUR 10 million in the launch of Moroccan Infrastructure Fund (MIF), Limited liability company (Société Anonyme) to be incorporated in Morocco.
At the official signing ceremony Mr de Fontaine Vive stated: Based on the knowledge we have developed over more than ten years of private equity activities in the region, we are ready to broaden our cooperation with the Moroccan financial sector into infrastructure financing. We look forward to this fund becoming a new, additional source of finance for local enterprises, while contributing to the development of Morocco's infrastructure sector, facilitating, hence, Morocco's economic and social modernisation. With priority being given to co-investment with international, regional, or national partners, the operation is expected to support FDIs in Morocco and to have a supporting role in the development of Morocco's financial sector.
Our investment signals FEMIP's continuous support for the development of the local private equity industry and, more broadly, to the local private sector.. Focusing on equity and quasi-equity investments in infrastructure and related projects and companies in Morocco, the Fund is being sponsored by Attijari Invest (AI), part of Attijariwafa bank (AWB), and EMP Africa.
Attijari Invest (AI) is a 100%-controlled subsidiary of Attijariwafa bank dedicated to private equity investment with currently three investment funds under management. Attijari Invest's parent, Attijariwafa bank (AWB) is the leader in banking and finance in Morocco. Its total assets make it the biggest bank in North Africa and the eighth biggest in Africa. EMP Africa has acquired extensive experience in making private equity investments in Africa (including North Africa), in particular infrastructure investments. Based in Washington D.C. with offices in Johannesburg, Tunis, Abidjan and Douala, EMP Africa currently manages four private equity funds totalling over $830 million in committed capital.
In addition to its loans and technical assistance grants, FEMIP encourages the development of the private sector by acquiring equity and quasi-equity stakes in private companies in order to help Mediterranean Partner Countries speed up their economic and social modernisation, in particular through increased regional integration. These FEMIP activities are financed from the European Community budget (EUR 200 million over the period 2001-2006) and by the FEMIP Trust Fund, which was set up in December 2004 (EUR 33.5 million).