GAFI's Bedaya Fund of EGP 500 Mln Awaits EFSA Approval
Published Thursday, 12 July 2012 13:31 | Written by Islam Salah
The General Authority for Investment (GAFI) has completed all the necessary procedures so as to launch Bedaya (the beginning) Fund I with a capital of EGP 500 million to provide all services for owners of small and medium enterprises (SMEs) and offer programs of funding suiting their projects.
Omar Maghawry, investment director at Cairo Capital Group, said GAFI intends Thursday to submit its request file regarding Bedaya to the Egyptian Financial Supervisory Authority (EFSA) in order to be ratified and launched.
“GAFI has completed all the necessary procedures so as to prepare for launching Bedaya.” Maghawry added
“I expect that Bedaya will be launched before the coming of Ramadan. It will be investing in 4 major sectors; agriculture, IT, industry, and services.”
“Bedaya Fund I will not invest in insolvent companies in which the solvency volume amounts to 50% of the company’s capital.”