EAEF remains committed to supporting Egypt’s private sector through the pandemic -chairman
The Egyptian-American Enterprise Fund (EAEF) remains “committed” to supporting the Egyptian private sector through the current crisis, and views the pandemic as an occasion to double down on its investment strategy, Chairman James Harmon wrote in a letter (pdf) to shareholders. Harmon announced that the EAEF joined Ezdehar to acquire a minority stake in Al Tayseer Healthcare Group in September and extended a USD 10 mn loan to Fawry Microfinance. He also noted that the fund’s PE arm Lorax Capital had recently raised USD 142 mn and said it had helped TCV to invest in nut company Abu Auf. The fund also invested USD 1 mn in Flat6Labs’ second closing.
“Our existing portfolio companies continue to report steady growth,” Harmon wrote, reporting successes at several of its companies including Dawi Clinics and Nermien Ismail Schools.
Correction 11 November 2020: A previous version of this story incorrectly said that the EAEF invested in Al Tayseer alongside Ebtikar.