Egypt’s Al Ahly Financial Investments Management (AFIM) is joining forces with EgyptAir Holding to launch an insurance money market fund within the fourth quarter of the year.
Hanan Wagdy, head of business development at AFIM, told Amwal Al Ghad on Tuesday that the first phase of the planned fund is set to raise around 1 billion Egyptian pounds ($52.1 million) within two years.
AFIM is contributing 51 percent to the fund, while the remaining 49 percent will go for the insurance fund designed for EgyptAir employees, Wagdy further said.
“We will be meeting next week to discuss the fund launch process ahead of submitting a prospectus to the Financial Regulatory Authority (FRA) for approval.” Wagdy added.
“It is expected to launch in the final quarter of the current year.”
