banking

TLG Capital and UGFS-NA selected as managers of Empower Fund-B (CDC)

November 14, 2021

TAP) - TLG Capital and United Gulf Financial Services North Africa (UGFS-NA) have just been selected as managers of the Empower Fund-B, launched by the Tunisian Deposit and Consignment Office (CDC Tunisia).

The latter recalled in a press release on November 11 that it has undertaken to raise 700 million Tunisian dinars (MD) (about US$ 250 million) through 5 funds, with a view to supporting the Tunisian economy and contributing to the resilience of the economic actors benefiting from the intervention of these funds.

'CDC Tunisia is the main investor in these funds, committing 40% of the capital of each fund. This commitment by CDC Tunisia is categorised as an 'emergency fund.'

The remaining 60% will be raised from international financial and development institutions.

The Empower fund is the largest of the 5 funds initiated by CDC Tunisia, deploying around 300 MD (about US$100 million) in the economy.

This fund will invest in resilient Tunisian companies with validated business models and operating in preferred sectors with high growth potential.

It intends to make investments with investment tickets ranging from 5 to 15 MD each, for the duration of the fund's operation.

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