Insurance Ministry Contributes EGP 20 Mln To Bedaya Fund I

The Egyptian Minister of Insurance and Social Affairs Nagwa Khalil affirmed that the National Social Insurance Authority and its two funds will contribute EGP 20 million to the capital of “Bedaya Fund I”.

After conducting feasibility studies on the fund and verifying its social and economic development purposes, the Ministry decided to contribute EGP 15 from the capital of the social insurance fund of the public sector’s workers and EGP 5 million from the capital of the social insurance fund of the workers of the public and private sectors, said Ibrahim Abdel Ghaffar, legal adviser to the Minister of Social Insurance.

The Egyptian Prime Minister Hisham Kandil, Minister of Investment Osama Saleh and Minister of Social Insurance attended the launching ceremony of Bedaya I fund for direct investment in SMEs, the first national fund investing in direct investments in SMEs, in accordance with the Egyptian Capital Market Law and under the supervision of the Egyptian Financial Supervisory Authority (EFSA).

It is worth mentioning that there is a number of public and official bodies in Egypt that will subscribe to the “Bedaya Fund I” such as General Organization for Social Insurance, General Authority for Investment and Free Zones and National Investment Bank.