Global investment promotion benchmarking 2012 eyes Africa, Caribbean and Pacific

A new report by the World Bank Group assesses the investment facilitation of 77 countries in Africa, the Caribbean, and the Pacific (APC) by evaluating their investment promotion intermediaries and responses to information requests by potential investors in the tourism and agribusiness sectors.The report, Global Investment Promotion Benchmarking 2012: Eyes on ACP, is a region-specific report coming out of the Global Investment Promotion Benchmarking 2012 report, which assesses 189 national investment promotion intermediaries. The full report will be published in February 2012.Meanwhile, the corporation has said that it is investing '15 million in a private equity fund that will invest in small and medium enterprises in Algeria, Libya, Morocco, and Tunisia, helping expand access to finance and spur economic growth.The '96 million Maghreb Private Equity Fund III is being launched by Tuninvest, a leading fund manager in the Middle East and North Africa. The fund will invest in lines of business such as packaging, pharmaceuticals, financial services, agribusiness, and consumer goods.'Small and medium businesses are essential to create jobs, yet only 20 per cent in the region have formal access to finance,' said Joumana Cobein, IFC Principal Country Officer in Morocco. 'The fund will support such small companies, helping them expand and grow. It will also boost investor confidence in the Middle East and North Africa by demonstrating the strong investment potential of the region.' IFC will work closely with the fund managers to ensure that they adopt corporate governance best practices, as well as environmental and social standards. The fund's strategy will incorporate an innovative climate change component, with approximately 10 to 15 percent of the invested capital to be deployed in energy efficiency and renewable energy projects, a first for a fund targeting small businesses in North Africa.This investment builds on IFC's relationship with Tuninvest. Five years ago, IFC invested '15 million in the fund's predecessor, Maghreb Private Equity Fund II. IFC's participation in the launch of the new fund will help Tuninvest attract commercial investors in subsequent closings, as was the case with IFC's investment in the previous fund.Amid political, civil, and economic uncertainty in the Middle East and North Africa, IFC has invested $1.35 billion in the region so far this year, and committed to eight advisory programs worth over $6 million. In addition, IFC and the World Bank this summer launched a $500 million facility that will make it easier for micro, small, and medium enterprises to access financing.
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