The new fund will begin raising its capital from international institutions in 2021
Egypt's pound notes are pictured in stacks of 100 as employees count money at an exchange office in downtown Cairo June 5, 2014.
REUTERS/Amr Abdallah Dalsh
By Staff Writer, Arab Finance
ArabFinance: RMBV plans to launch a $300 million (EGP 4.694 billion) fund for the Middle East and North Africa markets, with up to 40% of its investments allocated for Egypt, Managing Partner Ahmed Badreldin told Al Mal new website.
The new fund will begin raising its capital from international institutions in 2021, Badreldin added.
Badreldin did not specify when the fund is slated to launch.
The list of potential limited partners includes the European Investment Bank, the European Bank for Reconstruction and Development, the International Finance Corporation, Proparco, the German Investment Corporation (DEG), and the Swiss Investment Fund for Emerging Markets, the news portal added.
The new fund will invest in the fields of food, healthcare, education, and tech, Badreldin noted.
RMBV is an investment fund manager domiciled in the Netherlands, managing funds and has assets under management worth $400 million (EGP 6.262 billion).
The Sovereign Fund of Egypt established in May a $300 million (EGP 4.694 billion) healthcare fund through a joint venture with Concord International.
*At press time, the conversion rate is $1 = EGP 16.18
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