Pharos to launch Egypt microfinance company
Pharos to launch a microfinance venture in 1Q2019: Our friends at Pharos Holding will expand into microfinance in 1Q2019, co-CEO Alaa El Afifi told Reuters. The firm is planning to scale up the portfolio to EGP 600-800 mn in the first half and is also planning to grow its private equity business during the year. “We are going to take stakes in companies that allow us to manage or participate in the management,” El Afifi said. Pharos’ microfinance plans, which we had noted earlier this year, are part of a move into fintech and a potential venture into leasing. We have also recently had the pleasure of speaking with El Afifi for our weekly My Morning Routine feature. Take a look at excerpts from the (almost) non-business related conversation.