Egypt’s TDF Calls Participants For More New Investments By 2013-End

Egypt’s Technology Development Fund (TDF) is studying to call investors participants in order to pump money by the end of this year and to support the ideas of information technology enterprises.

Ziad Mokhtar, TDF Manager, has asserted that the rest value of TDF investments represents 30-35% ( EGP 60 million) from the value of old fund, adding that the fund is negotiating with 4 companies in order to pump new investments, declining to identify the companies until the end of contracting procedures.

Mokhtar has emphasized that the last rest amounts of the fund value in companies which TDF is currently negotiating in the current time will be invested, asserting that TDF will call for holding a general assembly to shareholders in order to re-pump new investments.

Mokhtar added to Amwal Al Ghad that the second closure investments of the fund reached around EGP 148 million from the total EGP 215 million that have been invested in 14 companies.

TDF is providing money for the companies which are more mature, it is worth mentioning that TDF which was established as a partnership fund between the public and private sectors in 2004,  CI capital, the Egyptian post ,Telecom Egypt,  Faisal Islamic Bank, Banque Misr, Misr Iran Development Bank and Export Development Bank of Egypt.

IFG Hermes company holds the task of managing development technology and evaluation of the currently available investment opportunities, IDEAVELOPERS is  holding the role of administrative adviser.