SME fund lands EGP 280 mn in commitments from local banks
Catalyst Partners has secured EGP 280 mn in commitments from local banks for an EGP 500 mn SME investment fund it is setting up with the UNDP, the local press reports, citing unnamed sources. Misr Ins. Holding, Banque du Caire, Suez Canal Bank and Attijariwafa Bank are all on board with commitments to the fund and are waiting for Central Bank of Egypt approval. A source familiar with the matter confirmed the news to Enterprise yesterday.
In detail: Misr Ins. and its subsidiaries plan to commit EGP 150 mn to the fund, while Banque du Caire and Suez Canal Bank intend to kick in EGP 50 mn apiece. Attijariwafa Bank is said to be in for EGP 30 mn.
CAVEAT- None of this is etched in stone right now, as the Financial Regulatory Authority has yet to sign off on the fund, a source tells us.
About the fund: Not much is known about the EGP 500 mn pact investment fund, which was set up in April by Catalyst and the UNDP. The vehicle will target “impactful” SMEs, but it remains unclear what criteria Catalyst is using to select companies for investment.
OTHER INVESTMENT NEWS- Elsewedy Electric has more investments in the pipeline for India and Pakistan, as the company pushes ahead with its expansion plans in South Asia, Ahmed El Sewedy told Asharq. El Sewedy did not provide any details on the specific investments the company is planning, or the value of the expected investments.