Egypt-US Fund To Boost Its Capital To $180 mln In 3 Years

James Harmon, Chairman of the Egypt-American Enterprise Fund, said the capital of the fund at the current time is $ 60 million, while another $ 60 million will be added within few months, and then $ 180 million during three years.

During a press conference held today, Harmon stated that many Arab and Asian countries were invited to take part in financing the fund; elucidating that if those countries participated, the fund’s capital will amount to $ 1 billion.

The fund focuses on the sectors that achieve growth and support the country’s economy specifically in the agriculture field, recycling, infrastructure, health care and other sectors, which reflect on the investment and create job opportunities and hit growth rate along with boosting the fund’s volume so as to finance more enterprises, said James Harmon.

He said further that within ten years the half liquidity of the returns will be oriented to the Egyptian government so that the Egyptian people can utilize them in building schools and hospitals.

On the other hand, Harmon highlighted that giving the International Monetary Fund (IMF)’s loan to Egypt will send a clear message to the world that Egypt has started to restore stability.