Egypt’s biggest state banks are teaming up to launch a EGP 1 billion fund of funds to invest in small and medium enterprises, and more
Egypt’s biggest state banks are teaming up to launch a EGP 1 billion fund of funds to invest in small and medium enterprises, and more.
The National Bank of Egypt’s (NBE) Group Head of Investment & Assets Management, Ahmed El Said, has spoken to local news outlets on the fund, stating that it will consist of the NBE, Banque Misr, Banque du Caire (BdC), with Suez Canal Bank to join the consortium.
The fund of funds, also known as a multi-manager investment, is a collective fund that selects other funds to invest in, meaning its portfolio will mostly contain different portfolios of other funds.
The fund is expected to launch in Q4 2021.
The fund will aim to invest in SMEs, as well as companies specializing in healthcare, education, FinTech, agribusiness, renewables, fast-moving consumer goods as well as information and communications technology, said a Banque du Caire source that previously spoke to news outlets.
The state-bank consortium has hired Washington DC-based asset manager Avanz Capital to manage the fund, said El Said.
