Sanad, Green for Growth to pour USD 100 mn in Egypt this year
Impact investor Finance in Motion’s Sanad MSME fund and Green for Growth Fund plan to invest USD 100 mn into projects in Egypt in 2021, head of Finance in Motion’s regional office Mohamed Morsy tells Al Mal. Morsy did not disclose details on where the investments will be allocated but said that the fund is currently prioritizing small-scale solar plants and energy conservation projects. The funds invested USD 57 mn in Egypt in 2020, out of a total investment portfolio worth USD 200 mn for both funds since they began operating in Egypt. The funds had pledged USD 30-80 mn in investments in Egypt in 2019.
OTHER INVESTMENT NEWS –
Egypt Kuwait Holding plans to invest USD 180 mn in its projects in Egypt in 2021, Al Mal reports, citing unnamed company sources. The company will invest USD 80 mn in its pressed wood factory and will use the rest of the funds to expand its operations in natural gas and electricity production and distribution.