Dr. Ashraf El Sharkawy, chairman of Egyptian Financial Supervisory Authority (EFSA), said the General Authority for Investment (GAFI) has completed all the necessary procedures and eventually sent all the requirements so as to launch Bedaya (the beginning) Fund I of capital worth EGP 500 million.
El Sharkawy expects that Bedaya Fund I launch will be by the beginning of the coming year.
“Upon filling all the requirements to launch Bedaya I, EFSA seeks to ratify the fund for its crucial importance in supporting the SMEs projects.” El Sharkawy added
“EFSA still awaits till GAFI finishes all the required procedures so that we would then review Bedaya file and ratify its launching afterwards for its high importance in supporting the SMEs projects.” El Sharkawy added
Bedaya Fund I’s investment policy is represented as investing in 4 major sectors; agriculture, IT, industry, and services. Bedaya Fund I shall not invest in insolvent companies in which the solvency volume amounts to 50% of the company’s capital.
Elsewhere, El Sharkawy said: “Egypt’s current situation requires a state of national consensus on pushing the production wheel forward in order to achieve political stability and start to target mechanisms for boosting the national economy.”
