GIG Insurance to Launch EGP50 million Mutual Fund Next Month

Egypt’s Arab Misr Insurance Group (GIG) plans to launch by next month its second mutual fund, said head of investment sector Mohamed Nagah Nour.

Under the name of ‘Ahd (or Era in English), the new fund is with capitalisation worth 50 million Egyptian pounds (around US$7 million), Nour told Amwal Al Ghad on Tuesday.

GIG has recently obtained the approval from the country’s regulator, the Egyptian Financial Supervisory Authority (EFSA) to launch its new fund. The company is seeking to increase the fund’s capitalisation to EGP 100 million after one year of its inception.

In earlier statement to Amwal Al Ghad, Nour referred that Banque Du Caire was receiving subscriptions on GIG’s second mutual fund, said head of investment sector at GIG Mohamed Nagah Nour. Prime Holding will manage GIG’s second mutual fund.

He also stated that the fund is a low-risk daily cumulative return fund that will invest in treasury bonds, treasury bills, deposits and private investment funds.

GIG had issued its first mutual fund in 1995, namely AMIG.