EIB invests $37.5m in Tanmiya fund as it reaches $130m close

The European Investment Bank, through EIB Global, has committed $37.5m to Tanmiya Capital Fund II, which reached a final close of $130m against a $120m target. The fund, run by Egyptian firm Tanmiya Capital, will make growth investments in established Egyptian SMEs. Sectors expected include healthcare, training, fintech, consumer goods, logistics and transport.

Other backers include the Egyptian-American Enterprise Fund, the EBRD, the IFC and Egypt's MSMEDA. The EIB will also sit on the fund's advisory committee. At target scale the fund expects six to eight portfolio companies, and at least 30% are expected to meet EIB gender-equality financing criteria.