- The funds initial capital will be $640m
- Initial activity includes the implementation of 60 small factories in the east of the country
Cairo has released the investment details of the newly established Long Live Egypt Fund.
It is understood the Long Live Egypt Company will be established by the end of October with the initial capital of approximately $640m. The executive director of the fund Mohamed Ashmawy, said in the media statement at the start of October that the size of the fund is set to increase to $12bn leading up to 2030.
The companys activity will be 60 per cent investment projects in a bid to secure ongoing returns for the company and 40 per cent on development projects, said Ashmawy.
The fund addressed several banks to participate in the establishment of an investment committee to present and discuss projects and investment opportunities. The committee already includes the heads of the National Bank of Egypt (NBE), Banque Misr and the Arab African International Bank.
The funds initial activity includes the implementation of 60 small factories in the east of the country and main port cities of the Suez Canal, as well as a petrochemical facility in the same area, according to Ashmawy who did not provide further details.
Ashmawy also said the fund will work with the Social Solidarity Ministry to reconstruct the Nasser Social Bank and reestablish it as modern bank to serve low-income people, and help with mortgages and micro-financing for housing and small industries.