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Suez Canal Bank invests EGP 100M in Tiba Fund

Suez Canal Bank invests EGP 100M in Tiba Fund

ArabFinance: Suez Canal Bank’s (CANA) contribution to the fund of funds of Tiba stood at around EGP 100 million, the bank’s chairman Hussein El-Refaie told Al Mal Newspaper.

The bank seeks to play a main direct or indirect role in the investment funds, such as the fund of funds specializing in investing in small- and medium-sized enterprises (SMEs), in accordance with the rules set by the Central Bank of Egypt (CBE), El-Refaie stressed.

He also added that Suez Canal Bank has conducted a new study to invest in new funds in the education and real estate sectors.

Chairman of Banque Misr Mohamed El-Etreby previously announced that Banque Misr plans to establish a fund of fund under the name of “Tiba”, in collaboration with the National Bank of Egypt (NBE), Banque Du Caire (BDC), and Suez Canal Bank.

Tiba will be set up with EGP 1 billion in seed capital, which will be doubled to EGP 2 billion over in the second stage, El-Etreby said.

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