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U.S. Agency to Fund Mideast Private Equity - ASHARQ AL-AWSAT English Archive
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CAIRO, (Reuters) – A U.S. trade promotion agency will invest up to $455 million in five private equity funds in the Middle East and North Africa as part of President Barack Obama’s push to boost ties with the Muslim world.

The financing is in response to Obama’s speech in Cairo last year, in which he said the United States would set up a fund to develop technology in Muslim-majority countries, the Overseas Private Investment Corporation (OPIC) said on Thursday.

OPIC said it approved up to $150 million for a fund to be run by a company owned by Kuwait Projects Co. (KIPCO), Kuwait’s largest investment firm, and up to $150 million for a fund managed by Dubai-based Abraaj Capital.

It will also invest $100 million in a fund managed by a subsidiary of Egyptian private equity firm Citadel Capital.

OPIC will put $30 million into a fund run by Ramallah-based Siraj Fund Management Company, aimed mostly at start-ups and small businesses in the Palestinian territories.

OPIC is an agency of the U.S. government whose aims include helping U.S. businesses invest overseas, encouraging economic development in emerging markets and supporting U.S. foreign policy.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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