Avanz Capital Egypt has announced the establishment of Avanz Manara for Private Equity, Company Limited by Shares (Avanz Manara), an investment holding company established under the oversight of the Financial Regulatory Authority. Avanz Manara supports the growth of small and medium enterprises (SMEs) in Egypt and is designed to help Egyptian banks meet the Central Bank of Egypt’s requirement to provide financing to Egyptian SMEs. Avanz Manara will work in partnership with the growing number of private equity and venture capital funds investing in Egypt to provide capital and global best practices to grow the private equity and venture capital industry in Egypt and attract international investors to support the growth of the country’s private sector.
The authorized capital of Avanz Manara is EGP 2 billion, with initial subscribed capital of EGP 905 million from Egyptian institutional investors. The founding shareholders of Avanz Manara include the National Bank of Egypt, Banque Misr, Banque du Caire, Misr Insurance Holding Company, Suez Canal Bank, Ahli United Bank, The United Bank, and Attijariwafa Bank Egypt.
Hany Assaad, Managing Director of Avanz Capital Egypt stated, “This transaction is the first of its kind in Egypt and will promote the growth of the Private Equity and Venture Capital industries as well as support the development and expansion of SMEs across the country. We are working in partnership with fund managers and companies in Egypt to work together toward meeting the Sustainable Development Goals through our investment activities.”
This article was written by Bob Koigi and initially published in africabusinesscommunities.com. You can start earning money by becoming our Independent Reporter or Contributor. Contact us at IR@downtownafrica.com
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