Launch of Jordan Growth Capital Fund

Jordan Enterprise Development Corporation (JEDCO), the European Investment Bank (EIB) and Abraaj Capital have jointly announced the launch of the US$ 50 million Jordan Growth Capital Fund to provide long-term capital and institutional support to small and medium enterprises (SMEs) in Jordan.

JEDCO, in cooperation with the EIB, started an initiative to foster the development of the venture capital industry in Jordan by launching a tender for the establishment of two venture capital funds to be managed by fund managers in accordance with international best practices. Abraaj Capital was selected to manage the Jordan Growth Capital Fund after passing the evaluation criteria and the due diligence that was conducted based on international best practices.

The Jordan Growth Capital Fund is a sector-agnostic private equity fund with a dedicated team focused on investing in high potential SMEs in Jordan. JEDCO, EIB and Abraaj Capital would serve as anchor investors in the Fund. The Fund would be managed by Riyada Enterprise Development (RED), the US$ 500 million SME investment platform of the Abraaj Capital group.

The article above has been published as a part of Bank Audi`s MENA Weekly Monitor of Week 43 (2011). It can be accessed via Internet at the following web address: http://www.banqueaudi.com

Image credit: Abraaj Capital