EAEF investments in Egypt grow to USD 130 mn in 2017
Our friends at the Egyptian American Enterprise Fund (EAEF) reported that their investments in Egypt reached USD 130 mn as of the end of 2017, according to the fund’s 2017 annual report (pdf). EAEF’s investments have also attracted another USD 130 mn from foreign institutional investors. Highlights from 2017 include buying a stake in the Orchidia Pharmaceutical Industries from SPE Capital, formerly Swicorp Private Equity. The fund also expanded investments with local fund managers, including in midmarket fund manager TCV. The EAEF also committed USD 550,000 to a total investment of USD 5.5 mn made in partnership with Egypt Ventures and the International Finance Corporation to seed regional startup accelerator Flat6Labs. “As Egypt’s macroeconomic environment has stabilized, the private sector’s role as a primary engine of growth has become more essential,” said Chairman James Harmon. “We are pleased with the progress of the EAEF and are cautiously optimistic about the future of the Egyptian Economy,” he added.