Proparco and FISEA+ support Amethis MENA Fund II to improve environmental and social risks management

published on 16 May 2024
  • logo linkedin
  • logo email
Photos - Amethis
Proparco, through FISEA+, is allocating a €400 000 Technical Assistance (TA) facility to Amethis MENA Fund II. Among other objectives, the projects implemented directly through the TA facility will strengthen the environmental, social and governance (ESG) transformation of 10 to 12 portfolio companies of the MENA II fund. This financing is a part of the French Choose Africa initiative implemented by the AFD Group.

Following FISEA's €10 Million investment in the Amethis MENA II fund in 2021, this partnership is being expanded: Proparco will provide grants for projects aimed at improving the practices of the fund and its portfolio companies. The fund also receives investments from the EIB, the EBRD, the IFC, the BII, the Edmond de Rothschild Group and private investors.

The fund invests in small and medium-sized enterprises (SMEs) in Morocco, Egypt, Tunisia and Jordan, mainly in high-impact goods and services sectors, including companies in agri-food, health, education, financial services.

The main objective of this facility is to help Amethis MENA Fund II and its portfolio companies to improve environmental and social risks management, to develop new ambition in the impact research by integrating methodologies related to sustainability issues, particularly climate change, in the investment process. The aim is to make it easier for companies to implement their greenhouse gas reduction plans. The fund is also committed to the employment and participation of women in the decision-making bodies of its investee companies.

Manal Tabet, Deputy Head of Technical Assistance & Blending unit at Proparco, said: "Encouraging funds to better integrate environmental, social and climate into their investment strategy can have a virtuous transformational effect on the development of African SMEs.  This commitment to positive impact, alongside clients like Amethis is at the heart of our mission”.

Raphael Reynaudi, Sustainability & Impact Director at Amethis said: “We sincerely thank Proparco for this opportunity. This technical assistance facility will be a key factor of value creation for the companies in our portfolio.”