September 14, 2021

Banque Misr to launch Egypt’s 1st gold investment fund


ArabFinance: Banque Misr plans to launch Egypt’s first gold investment fund, Al Shorouk News cited vice Chairman Akef El Maghraby.

El Maghraby said that the fund aims to meet the needs of investors who wish to invest in gold but lack the necessary experience.

He added that the bank has an ambitious plan to issue a new package of investment funds in many new fields in the Egyptian market, which will represent a qualitative leap in the field of investment funds in the country.

El Maghraby further noted that the banking is currently working on finalizing the procedures to launch the gold fund, and this, in turn, aims to achieve investment returns similar to the movements of gold prices on a daily basis.

Earlier this year, Banque Misr along with Misr Ins. Holding Company (MIH), the SFE, and the Suez Canal Bank contributed a combined EGP 375 million to the paid-in capital of Lighthouse Education.

Additionally, the bank is expected to take part in the launch of an EGP 1 billion fund of funds during the fourth quarter of 2021, in cooperation with four other state-owned banks — the National Bank of Egypt, Suez Canal Bank and Banque du Caire.

arabfinance


Categories : banking

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