US government agency to invest $150m into Middle East fund
The US government's Overseas Private Investment Corp (OPIC) has announced plans to pump $150m into a Middle East private equity fund designed to promote the growth of small and medium-sized businesses in the region, the Associated Press has reported. A division of Dubai-based Abraaj Capital will manage the financing. The Abraaj-managed Riyada Enterprise Development Growth Capital Fund aims to help businesses across the Middle East and North Africa, with Egypt as one of the main targets. It is expected to ultimately have a capitalisation of $400m.
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