Egypt closes subscription to NI Capital’s fund after raising over EGP 1bn

The Egyptian Ministry of Planning and Economic Development and Chairman of the National Investment Bank (NIB), Hala El-Saaed, announced the closing of subscription to Siula (Liquidity) Fund launched by NIB’s investment arm, NI Capital.

NI Capital’s first money market fund raised over EGP 1.075 billion ahead of its scheduled closure on 10 March thanks to the high demand, El-Saeed added in a statement on Tuesday.

The issue has been oversubscribed more than 21 times after the door for subscription was opened on 10 January with targeted investments of EGP 50 million, said the CEO and Managing Director of NI Capital, Mohamed Metwally.