EFSA approves establishment of Union Capital’s venture capital fund

The Egyptian Financial Supervisory Authority (EFSA) gave Union Capital the green light to launch the venture capital fund meant to restart operations at idle factories, Al Mal reports. The fund will form its board of directors in early August and begin carrying out feasibility and technical studies on the struggling factories. The fund will allocate EGP 10-15 mn to each factory and work on three or four facilities at a time. The fund will have an initial capital of EGP 150 mn, 46.6% of which the Tahya Misr Fund will contribute. The remainder will be split between the Industrial Modernization Center, Ayadi, and the National Investment Bank.