ArabFinance: The National Bank of Egypt (NBE) and a group of banks have launched Avans Manara for Direct Investment, the first company in Egypt for investment in Fund of Funds (FoF) which supports small and medium-sized enterprises (SMEs), according to a press release.

Banks participating in the project include Banque Misr, Banque du Caire (BDC) (BQDC), Ahli United Bank (AUB), Suez Canal Bank (SCB), United Bank, and Attijariwafa Bank Egypt, along with Misr Insurance Holding (MIH) and Avans Capital Group.

Total target investments in Avans Manara amount to around EGP 2 billion, Chairman of NBE Hisham Okasha revealed, adding that EGP 905 million of the company’s issued capital were collected.

The NBE contributed EGP 300 million to the company’s issued capital, while Banque Misr, Banque du Caire, AUB, MIH, and SCB contributed EGP 100 million each, Okasha added.

The top official unveiled that United Bank, Attijariwafa, and Avans Capital contributed EGP 50 million, EGP 45 million, and EGP 10 million, respectively.

Furthermore, Avans Capital’s Egyptian unit was appointed manager of Avans Manara, while Zaki Hashem and Partners Law Firm acted as legal advisor to investors and White & Case was legal advisor to Avans Capital Egypt.

Avans Manara is the first application of the Central Bank of Egypt’s (CBE) decision regarding contribution of banks in capital of FoF and companies investing in capital of SMEs.