In Johannesburg:                                                
Phone: +27 11 731 3179                                        
E-mail: hbassiri@ifc.org  

In Washington, D.C.:
Lotte Pang
Phone: +1 (202) 758 4290
E-mail: lpang@ifc.org


Washington, D.C., May 19, 2008—IFC, a member of the World Bank Group, today announced that it will invest in I&P Capital II, a private equity fund that finances small and medium enterprises in Madagascar, Mauritius, and other countries in Africa’s Indian Ocean region.

The fund, which is managed by I&P Management (Indian Ocean) Ltd, will provide equity capital, industry expertise, and management advice in a region where smaller businesses play an important role in driving economic development. IFC’s investment of 7 million euros will enable the fund to help entrepreneurs apply better corporate governance and environmental management practices to their businesses.

“IFC’s investment in our second fund brings us credibility and widens our investment perspective, helping I&P become a key player in sustainable equity financing of small and medium enterprises in the region,” said Antoine Delaporte, Managing Director of I&P Management.

I&P Capital II has raised 37.5 million euros to invest in 10 to 15 fast-growing companies in a range of sectors, including tourism, financial services, information technology and telecommunications, agri­business, and infrastructure. With offices in Madagascar and Mauritius, the fund will invest the majority of its capital in these two countries, but will also consider opportunities in nearby countries such as Comoros and the Seychelles.

“IFC is committed to having a stronger development impact by supporting innovative approaches to financing the private sector,” said IFC Director for Sub-Saharan Africa Thierry Tanoh. “This new fund is important because it targets smaller companies, which find it especially difficult to access equity financing.”

About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC's vision is that people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit www.ifc.org.

About I&P
I&P Management (Indian Ocean) Ltd was founded in 2002 and is sponsored by Amyne Ismail, Antoine Delaporte and Investisseur & Partenaire pour le Développement, a private finance company based in Paris that supports microfinance institutions around the world as well as small and medium enterprises in Africa. I&P currently manages I&P Capital (Indian Ocean), a 10 million euro fund which was established in 2003 and has been fully invested in seven companies. Three of these seven investments have already been successfully exited.