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Banque Misr, National Bank of Egypt and Banque du Caire launched the investment company “Avans Manara for Direct Investment”
Iman Al-Wasili Fathi Al-Sayeh Banque Misr, the National Bank of Egypt and Banque du Caire announced the launch of the “investment company” Avanz Manara for Direct Investment; As the first company that aims to invest in funds supporting small and medium enterprises, FUND OF FUNDS, in partnership with Ahli United Banks, Suez Canal Banks, United Commercial Bank and Wafa Bank, in addition to the participation of Misr Insurance Holding Company and Avans Capital Group, and this came within the framework of the Central Bank of Egypt’s directives to support Small and medium enterprises because of their importance to the national economy and their clear role in economic development and job creation. The launch of the new investment company was attended by the heads of participating banks and a group of leaders of the Central Bank of Egypt and the banking sector. Avans Manara is the first fund in Egypt that aims to invest in investment funds, and it is the first implementation on the ground of the decision of the Board of Directors of the Central Bank issued in February Concerning adding banks’ contributions to the capital of investment funds in funds and companies targeted to invest in the capital of small and medium-sized companies within the prescribed 25% of the total portfolio of credit facilities directed to the bank to micro, small and medium enterprises. Mr. Mohamed El-Etreby, Chairman of the Board of Directors of Banque Misr, expressed his happiness to participate in the launch of the investment company in cooperation with Participating banks due to the important role the company plays in the development of small and medium enterprises, which are among the most important tributaries of the process of economic and social development; As the locomotive of economic growth and a fundamental pillar for increasing production capacity and economic recovery and contributing to addressing the problems of poverty and unemployment, by opening up job prospects and creating wealth, in addition to stimulating innovation and competition in markets and opening foreign markets. Also, El-Etreby pointed out that the leading position of Banque Misr in Egypt and Africa always supports this role and this is reflected in the bank’s strategy that supports the directives of the Central Bank of Egypt and the state’s plan towards financial inclusion. Al-Etrebi also explained that the total investments of the targeted company amount to about 2 billion pounds, and the bank’s contribution to the company reached 905 one million pounds in the first closure. For the company’s capital, which amounted to 905 one million pounds, in addition to an indirect contribution to some of the funds targeted by the company, and thanked the Central Bank of Egypt for sponsoring the initiatives and partnerships that add for the Egyptian community and in line with the United Nations principles for responsible investments. The new investment company aims to increase investments directed to small and medium-sized companies by providing the necessary capital financing for these companies by contributing to investment funds that provide the necessary financing for these projects or by directly contributing to these projects, as well as following the best practices in fund management in Egypt in pursuit of To attract international investors to contribute to these funds with the aim of supporting the activity of this sector of companies due to its importance in achieving economic growth. is worth It should be noted that “Avans Capital Egypt” was chosen as the manager of the investment company, which is a subsidiary of one of the global institutions specialized in establishing and managing investment funds, “Avans Capital” – which manages direct capital and venture capital funds in several emerging markets in Africa, Asia and South America As a subsidiary of I-squared, which manages global investments amounting to 66 billion US dollars.
Concerning adding banks’ contributions to the capital of investment funds in funds and companies targeted to invest in the capital of small and medium-sized companies within the prescribed 25% of the total portfolio of credit facilities directed to the bank to micro, small and medium enterprises. Mr. Mohamed El-Etreby, Chairman of the Board of Directors of Banque Misr, expressed his happiness to participate in the launch of the investment company in cooperation with Participating banks due to the important role the company plays in the development of small and medium enterprises, which are among the most important tributaries of the process of economic and social development; As the locomotive of economic growth and a fundamental pillar for increasing production capacity and economic recovery and contributing to addressing the problems of poverty and unemployment, by opening up job prospects and creating wealth, in addition to stimulating innovation and competition in markets and opening foreign markets. Also, El-Etreby pointed out that the leading position of Banque Misr in Egypt and Africa always supports this role and this is reflected in the bank’s strategy that supports the directives of the Central Bank of Egypt and the state’s plan towards financial inclusion. Al-Etrebi also explained that the total investments of the targeted company amount to about 2 billion pounds, and the bank’s contribution to the company reached 905 one million pounds in the first closure. For the company’s capital, which amounted to 905 one million pounds, in addition to an indirect contribution to some of the funds targeted by the company, and thanked the Central Bank of Egypt for sponsoring the initiatives and partnerships that add for the Egyptian community and in line with the United Nations principles for responsible investments. The new investment company aims to increase investments directed to small and medium-sized companies by providing the necessary capital financing for these companies by contributing to investment funds that provide the necessary financing for these projects or by directly contributing to these projects, as well as following the best practices in fund management in Egypt in pursuit of To attract international investors to contribute to these funds with the aim of supporting the activity of this sector of companies due to its importance in achieving economic growth. is worth It should be noted that “Avans Capital Egypt” was chosen as the manager of the investment company, which is a subsidiary of one of the global institutions specialized in establishing and managing investment funds, “Avans Capital” – which manages direct capital and venture capital funds in several emerging markets in Africa, Asia and South America As a subsidiary of I-squared, which manages global investments amounting to 66 billion US dollars.
The legal advisor to the investors was performed by Zaki Hashem & Co., and the legal advisor to Lavans Capital Egypt, White & Case office.
