The EIB has committed EUR 20 million to the Capital North Africa Venture Fund II (CNAV II), a Maghreb-focused generalist fund managed by the independent Casablanca-based private equity firm, Capital Invest.

CNAV II has reached a first closing of over €75 million and is targeting a final size of EUR 100 million.  Its primary focus will be on providing equity and quasi-equity financing to support the expansion of small and medium-sized enterprises (SMEs) in the region.

The EIB’s commitment is financed by the European Union via the European Neighbourhood Partnership Instrument (ENPI) and the Kingdom of Spain via the Spanish Agency for International Cooperation and Development (AECID), responsible to the Secretary of State for International Cooperation and for Latin America (SECIPI).

Mehdi Tahiri, Omar Chikhaoui and Younes Al Abadan, the three partners of Capital Invest, said: "We are extremely privileged to have the EIB and EBRD as the two main investors in our fund. It is a demonstration of the confidence and attractiveness of the private equity industry in the North African region.”

EIB Vice President Philippe de Fontaine Vive, said: “The EIB is very pleased to renew its support to Capital Invest, having partnered with the team for the past 13 years.  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.  They are the essential key to restoring private sector growth and employment in the region which underpin the future aspirations of the region’s youth.”