The National Initiative for the Development of Egyptian Industry ‘Ibdaa’ (Start) announced the launch of the Nile Direct Industrial Investment Fund as the first specialised industrial investment fund with the aim of reducing imports and increasing exports.
The fund will be listed on the Egyptian Stock Exchange at a value of LE2.5 billion as a first issue for a period ranging between 5 to 7 years.
‘Ibdaa’ will assume the management of the fund in partnership with Cairo Capital for Financial Investments due to its experience in the management of direct investment funds in the stock exchange.
This came during a review of ‘Ibdaa’ initiative’s most notable achievements during the Labour Day Celebration held yesterday in the presence of President Abdel Fattah El Sisi.
Since its launch in October 2022, ‘Ibda’ has examined 84 industrial investment opportunities, and implemented 23 projects as a first phase with investment of $1.3 billion, representing 28 per cent of total industrial investment in the past three years. Work is underway to complete technical and financial studies for 24 projects as a second phase.
