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Tuesday, 14 September 2021

Banque Misr gets gold bug

Banque Misr is aiming to launch what it is positioning as the country’s first gold investment fund, Akef El Maghraby, the bank’s vice chairman, told Al Shorouk. The fund aims to meet the needs of investors who wish to invest in gold but lack the necessary experience, according to El Maghraby.

More projects in the pipeline: The bank is currently in the process of establishing the Pyramid Investments Company, which aims to support projects in labor-generating industries and exports, as well as the expansion of existing local industrial facilities.

The bank has already branched out into education: Earlier this year Banque Misr, along with Misr Ins. Holding Company (MIH), the SFE, and the Suez Canal Bank contributed a combined EGP 375 mn to paid-in capital of Lighthouse Education — which is eventually expected to become one of the largest education sector investment vehicles in the country.

The bank is also expected to take part in the launch of an EGP 1 bn fund of funds during 4Q2021, in cooperation with four other state-owned banks — the National Bank of Egypt, Suez Canal Bank and Banque du Caire. The fund plans to invest in SMEs and companies operating in healthcare, education, fintech, agribusiness, renewables, fast-moving consumer goods as well as information and communications technology.

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