Russian-Egyptian Mutual Fund to have Capital worth US$2 billion – Minister

Egypt and Russia have agreed to launch a joint investment fund with capital estimated at US$ 2 billion, Egyptian minister of trade Mounir Fakhry Abdel Nour announced Tuesday.

The Egyptian-Russian investment fund aims to finance Russian and Arab projects expected to be implemented in Egypt in the coming period.

Minister Abdel Nour said the structure of the Fund’s shareholders include the Russian Sovereign  Wealth Fund, Abu Dhabi Investment Authority, in addition to a number of Kuwaiti and Saudi financiers, alongside Egypt’s biggest state-owned banks; the National Bank of Egypt (NBE) and Banque Misr.

Moreover, the minister added that the upcoming period would witness the activation of the fund; explaining that the fund is set to undertake the responsibilities of financing projects in industrial and services sectors.