Managing Director of Misr Insurance Company Adel Moussa said his company is planning launching mutual fund with initial capital up EGP100 million by the end of the current month.
Speaking to Amwal Al Ghad Arabic’s Website, Moussa explained that it is targeting to boost the size of fund to EGP250 million, noting that the fund will be managed by Belton Financial Group.
The launch of fund has delayed till the political and economic stability of the Egyptian market despite its adoption from the Egyptian General Supervisory Authority (EFSA), Moussa illustrated.
He expected that these funds will have highly demand from the insurance firms by the upcoming period.
Moreover, he stressed that the decision of the Central Bank of Egypt (CBE) for reducing the bank’s contribution in the funds to 2% instead of 5% has opened opportunities inside the financial institutions to launch mutual funds.