Egypt is tapping into one of its strongest sources of foreign currency by introducing its first investment fund tailored specifically for Egyptians living abroad.

The Luxembourg-domiciled fund aims to channel diaspora savings into Egyptian sovereign debt through a dollar-denominated investment vehicle.

Why You Should Care

The launch of the Memphis Fund reflects Egypt’s broader efforts to convert growing remittance flows into long-term investment capital. Rather than relying solely on direct remittances, the government is offering Egyptians abroad a regulated investment vehicle.

The investment vehicle will provide exposure to sovereign debt while allowing investors to keep their funds outside the domestic banking system. The initiative comes as remittances continue to rise, reinforcing their role as a key pillar of Egypt’s foreign currency inflows.

The Details

The Memphis Fund is the first US dollar-denominated investment fund created exclusively for Egyptians residing abroad. The fund will be managed by NI Capital Asset Management, a subsidiary of the National Investment Bank (NIB). Additionally, it is domiciled in Luxembourg and is targeting up to USD 100 million in subscriptions within its first year.

In an interview with Asharq Business, Mohamed El Sherbiny, Managing Director – Head of Asset Management at NI Capital, indicated that the subscriptions and redemptions are limited to funds transferred from outside Egypt. This intends to attract the savings of Egyptians working abroad and channel them into Egyptian sovereign debt instruments.

The fund requires a minimum investment of USD 20,000, while each investment unit is priced at approximately USD 10.

Its portfolio will primarily consist of Egyptian foreign currency-denominated government bonds (Eurobonds) listed on the London Stock Exchange. Moreover, investors will have exposure to Egyptian sovereign debt through an international investment structure.

The fund will allow subscriptions and redemptions in US dollars through partner banks outside Egypt. Meanwhile, international custody and settlement will be handled by Clearstream, helping facilitate transactions.

The launch follows continued growth in remittance inflows. According to the Central Bank of Egypt, remittances reached approximately USD 3.9 billion in May 2026, up 13.5% year on year. Between July 2025 and May 2026, total remittances climbed to USD 43.1 billion, compared to USD 32.8 billion during the same period a year earlier.

The Ripple

The Memphis Fund expands the range of financial products available to Egypt’s global diaspora while creating another channel for attracting foreign currency into the economy. 

For international investors and financial institutions, the structure demonstrates how Egypt is using offshore investment vehicles to broaden access to its sovereign debt market. It also highlights the increasing importance of diaspora capital in the country’s long-term financing strategy.

What to Watch

The launch of the Memphis Fund marks another step in expanding investment options for Egyptians abroad. As subscriptions begin, the fund aims to strengthen links between the Egyptian diaspora and the country’s capital markets. It also seeks to support broader efforts to channel overseas savings into investment opportunities tied to the Egyptian economy. Its rollout may also encourage the development of similar products tailored to overseas investors in the future.