Egypt – The National Initiative for the Development of Egyptian Industry “Ibda” announced the launch of the “Nile Industrial Investment Fund,” as the first industrial investment fund specialized for investment in all industrial sectors.
The fund aims to reduce the import bill and increase exports in line with the objectives of the initiative. The fund will be offered on the Egyptian Stock Exchange at a value of 2.5 billion pounds as a first issue for a period ranging between 5 and 7 years.
The National Initiative for the Development of Egyptian Industry, “Ibda,” will manage the fund in partnership with “Cairo Capital for Financial Investments.”
It is noteworthy that the “Ibda” initiative, since its launch in October 2022, has examined 84 industrial investment opportunities, and has succeeded in implementing 23 existing projects as a first phase at an investment cost estimated at approximately 62.5 billion pounds at a value of 1.3 billion dollars, representing 28% of the total industrial investments in the latest period. 3 years.
Work is underway to complete technical and financial studies for 24 projects as a second phase, in addition to studying 37 future opportunities in various sectors. Thus, the efforts of the “Ibda” initiative to support and develop the Egyptian industry and attract more new investments are integrated with the goals of the broad structural and legislative reform plan that it implemented. The Egyptian state during the past ten years by paying attention to infrastructure projects, port development and other competitive advantages to achieve accelerated and sustainable growth rates to reach Egypt’s 2030 vision.
Source: Al-Ahram Gate
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2024-05-02 21:23:45