EDBE to create “golden fund” with EGP 50 m capital in Q2

The Export Development Bank of Egypt (EDBE) plans to create “golden investment fund” with EGP 50 million capital, increasable in the public offering, in the second quarter of the current year for investing in government debt instruments such as treasury bills, bonds and deposits.

Mahmoud Negm, deputy director of investment sector, said that EDBE is waiting the Egyptian Financial Supervisory Authority’s approval on offering the fund in the second quarter after having Central Bank Of Egypt’s approval.

Negm added that EDBE assigns the management of the fund for Prime Investment Co., which manages investment funds.

Bank’s non-consolidated results showed that the Bank achieved EGP 29.1 million in net profits in past 6 months ended December 31st 2011, compared with EGP 135.9 million in the compared period, marking a 78.5% retreat.

While the Bank’s consolidated results showed a 69.5% decline in net profits, reaching EGP 43.6 million, compared with EGP 143.2 million.

Mohamed Hamdy