Presidency seeks to convert Long live Egypt Fund to EGP 100bn fund

The new executive director of the Long Live Egypt Fund, Mohamed Ashmawy, affirmed the formulation of the fund’s investment policy is almost complete, set to be announced in October. During a meeting held by the Egyptian Credit & Risk Association (ECRA) last week, Ashmawy said that President Abdel Fattah Al-Sisi seeks to increase the size of the fund to EGP 100bn, to be a generations fund, like other regional and international sovereign funds. Fund’s investment policies Ashmawy explained that the investment principles of the fund include allocating 60% of the fund for investment projects, in a bid to secure ongoing returns for the fund, in addition to donations, while 40% of its resources will be allocated for development projects. Ashmawy added that the Long live Egypt Company, scheduled to be launched before the end of October, will establish investment projects; including export projects and labour-intensive projects, whether through small and medium-sized enterprises (SMEs), or in partnership with local or international entities. The return on capital of the company is expected to reach EGP 5bn, while paid money is at EGP 2bn.