French agency to give $15 million for PH middle-market firms

Published November 18, 2019, 12:00 AM

by manilabulletin_admin

By Bernie Cahiles-Magkilat

Proparco, the French Development Agency’s private sector financing arm, has committed a $15-million investments to the private equity fund Navegar Fund II, which is expected to finance the growth of six to eight middle-market companies in the Philippines and sustain the employment of more than 10,000 Filipinos, half of which are occupied by women.

In a statement, Navegar Fund II aims to further bridge the financial gap facing SMEs and targets sectors that benefit from strong domestic demand and that contribute to inclusive growth, such as health, education, logistics, and the production of essential goods and services.

This investment constitutes Proparco’s first ever operation in the Philippines. It will contribute to Navegar II’s first close of nearly $130 million, on the way to a final closing targeted at $150 million.

Established in 2012, Navegar is a Philippines-focused, Manila-based private equity firm that provides growth capital to established companies. It invests in both primary and secondary share offerings, and actively seeks to maximize the value of its portfolio companies by providing financial, operational and strategic guidance.

For over 40 years, Proparco has been promoting sustainable economic, social and environmental development by financing and supporting businesses and financial institutions in Africa, Asia, Latin America and the Middle East, such as Navegar.

To strengthen the contribution of the private sector in achieving the Sustainable Development Goals, Proparco finances companies whose activities help create jobs and decent incomes, provide essential goods and services, and support the fight against climate change.

 
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