Union Capital files paperwork to establish venture capital fund

Union Capital filed paperwork to establish the venture capital fund to restart operations at idle factories to the Egyptian Financial Supervisory Authority (EFSA), Union Capital chairman Hani Tawfik tells Al Borsa. Tawfik said he expects the company to be established after Eid holidays. The outfit will have a capital of EGP 150 mn and is funded by the Industrial Modernization Center, Ayadi, the National Investment Bank, and the Tahya Misr fund.