A number of Egyptian institutions and banks launched, Avans Manara Fund, to invest in funds supporting small and medium enterprises (SMEs).
The participating banks are Banque Misr, National Bank of Egypt (NBE), Banque du Caire, Ahli United Bank, Suez Canal Bank, United Bank, and Attijariwafa Bank, in addition to the Misr Insurance Holding Company and Avans Capital Group.
This comes within the framework of the CBE’s directives to support SMEs, because of their importance to the national economy and their clear role in economic development and generating jobs.
Avans Manara is the first fund in Egypt that aims to invest in investment funds. It translates the CBE’s February 2021 decision to include banks’ contributions to the capital of “funds of funds” and companies that target investment in SMEs, within the 25% share allocated in each bank’s credit facilities portfolio to MSMEs.
Hisham Okasha, the Chairperson of the NBE, stated that the launch of this company comes within the bank’s strategy to impact domestic products and generate new jobs, which supports Egypt’s Vision 2030. The company’s total targeted investments amount to about EGP2 billion, which accounts to almost $109 million, as the value of the first closing of the company’s issued capital amounted to EGP 905 million, which accounts to almost $49 million.
He also ssindicated that NBE participated in this closure with the largest share, worth EGP 300 million. Banque Misr, Banque du Caire, Ahli United Bank, Misr Insurance Holding Company, and Suez Canal Bank participated with a value of EGP 100m each. The United Bank participated with a value of EGP 50m. Attijariwafa Bank – Egypt participated with a value of EGP 45 million. Avans Capital Group participated with EGP 10 million.
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