U.S. EAEF to unveil US$56 million investments in Egypt in two weeks

The Egyptian American Enterprise Fund (EAEF) is to announce new investments worth US$56 million in Egypt in two weeks, the fund’s economic counsellor Hani Sarie-Eldin said Thursday.

The fund, a U.S. government-funded private entity, recently acquired a 20% stake of Fawry, the leading electronic bill payment platform in Egypt for US$100 million (around 773 million Egyptian pounds in time of acquisition).

The EAEF follows the investment fund scheme developed in Eastern and Central Europe during the 1990s. The fund has invested $1.1 billion in Egypt since it was established.

Sarie-Eldin said the fund has a capital of $300 million, and it aims to support financial inclusion as well as increasing foreign and local investment in Egypt, with the aim of supporting long-term economic development.

He added that the fund’s main objective is encouraging the Egyptian private sector through developing means of reaching investments and supporting human resources through modern means of technology.