First private fund to support Tunisian innovating enterprises established in Tunis
Tunis , July 14, 2007 (TunisiaOnline) --A signing ceremony held at the Tunis headquarters of the European Investment Bank (BEI) on Friday, has officialized the creation of the first private fund destined to support new innovating Tunisian enterprises.
The fund dubbed ‘Phenicia Seed Fund, will finance Tunisian private enterprises that have been newly set up, as well as university departments, business incubators and technological parks.
In creating the fund the European Investment Bank has relied on the support of the Tunisian Ministry of Finance which has set up a legislative framework adapted to funds with a risk capital. The fund will be managed by ‘Alternative Capital Partners', a new Tunisian management company headed by Mrs Selma Bellagha.
The Fund's capital is estimated at 10 million dinars (about 6 million Euros) which will be controlled by the European Investment Bank to a height of 33%, the rest of the shareholders are the Groupe Caisse des depots which has contributed 17%, the Arab Tunisian Bank 20%, Amen Bank 10%, the Banque de l'Habitat 10%, the Tunisian Insurance Group 5% and the Arab Tunisian Lease 5%.
The fund will benefit from the know how of an international specialist who will advise the management company during its first year of launch, enabling it to set up the best international standards in the sector.
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