The International Finance Corporation (IFC) has earmarked USD 50 mn to invest in SPE PEF III — an SPE Capital-run private equity fund that focuses on mid-cap companies in Africa — to support entrepreneurs and create more jobs, according to a statement (pdf) from the IFC. At least a quarter of the fund’s capital will go to women entrepreneurs.

How will the funds be allocated? Some USD 30 mn will be funneled into the fund via an equity investment, while the remaining USD 20 mn will be funded via a co-investment, the lender explained.

Local currency swap with Banque Misr: The IFC has also agreed to a local currency swap with Banque Misr to boost the IFC’s lending capacity to local companies with limited access to foreign currency.

Part of a bigger package: This comes as part of a USD 150 mn package, which also includes on-lent financing for Banque du Caire and an advisory program for the Universal Health Ins. Authority — both of which were announced earlier this week during the IFC’s Regional Vice President for Africa Sérgio Pimenta’s visit to Egypt.

ICYMI: The IFC has agreed to grant Banque du Caire USD 100 mn in financing, half of which will be on-lent to micro, small, and medium enterprises, and female entrepreneurs, while USD 50 mn will support the country’s imports and exports under the IFC Global Trade Finance Program.

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