Egyptian-American Enterprise Fund Negotiates New Funding For Tanmiya Capital Ventures - Dailynewsegypt
Date
5/24/2023 1:21:01 AM
(MENAFN- Daily News Egypt) The Egyptian-American Enterprise Fund (EAEF) negotiates a new financing agreement with Tanmiya Capital Ventures (TCV).
Nada Shousha, Vice Chairperson of the EAEF, told Daily News Egypt that the fund is in initial negotiations to participate in the company's next financing round, but he refused to disclose the financing value.
Tanmiya Capital Ventures is a direct investment company specialized in investing in companies with minority shares, with the aim of transferring them from the family framework to the institutional form, by applying the rules of governance, developing a strategy for work, and reassuring the founders.
Tanmiya Capital Ventures was established in 2016 and owns stakes in five companies, including Abu Auf and Misr Foods.
Shousha added that the total investment portfolio of the EAEF in the Egyptian market is about $500m.
This came in press statements on the sidelines of signing a financing deal worth EGP 250m between Al Ahly Capital, the investment arm of the National Bank of Egypt, and the EAEF, on one side, and Dawi Clinics on the other side.
Shousha explained that the fund invests in various sectors, including financial services such as Contact and Fawry companies, healthcare, and education.
The EAEF is a private investment fund established by the US Congress in 2011 to support the private sector in Egypt. Since the start of the Enterprise Funds Program in the early 1990s, more than $1.1bn has been invested in more than 12 countries directly, along with $6.9bn that has been invested in Egypt by private parallel funds.
The fund has so far invested in 129 companies with the support of five money managers for the first time, and its investment portfolio supports 40,000 jobs across Egypt.
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