El Sharkawy: EFSA Still Awaits GAFI’s Bedaya Procedure Completion

Dr. Ashraf El Sharkawy, chairman of Egyptian Financial Supervisory Authority (EFSA), said the General Authority for Investment (GAFI) had not completed yet all the necessary procedures and requirements so as to launch Bedaya (the beginning) Fund I of capital worth EGP 500 million.

“EFSA still awaits till GAFI finishes all the required procedures so that we would then review Bedaya file and ratify its launching afterwards for its high importance in supporting the SMEs projects.” El Sharkawy added

Bedaya Fund I will be investing in 4 major sectors; agriculture, IT, industry, and services. It shall not invest in insolvent companies in which the solvency volume amounts to 50% of the company’s capital.”

Elsewhere, El Sharkawy said: “Egypt’s current situation requires a state of national consensus on pushing the production wheel forward in order to achieve political stability and start to target mechanisms for boosting the national economy.”