Banque Du Caire delays launch of new fund by three months

Egypt’s third biggest public lender Banque Du Caire has decided to delay the launch of its new investment fund by six months, the bank’s head of investment division announced Sunday.

Mohammed Ragaei, Head of Investment Division at Banque Du Caire, further said his bank had obtained the central bank’s approval to delay the launch of its fifth fund.

The fund was scheduled for launch last April.

Banque Du Caire has assigned the local asset management firm, Rasmala Egypt to run the new fund, with capital worth 100 million Egyptian pounds (US$11.3 million).

The fund is balanced, set to invest in stocks, bonds, and fixed-income instruments.