{"id":587704,"date":"2023-05-31T00:00:00","date_gmt":"2023-05-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/31\/eaef-marks-10-years-and-more-than-usd-250-mn-of-investment-in-egypt\/"},"modified":"2023-05-31T00:00:00","modified_gmt":"2023-05-31T00:00:00","slug":"eaef-marks-10-years-and-more-than-usd-250-mn-of-investment-in-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/31\/eaef-marks-10-years-and-more-than-usd-250-mn-of-investment-in-egypt\/","title":{"rendered":"EAEF marks 10 years and more than USD 250 mn of investment in Egypt"},"content":{"rendered":"

<\/span>The EAEF on 10 years of investing here \u2014 and how to attract more FDI in the current <\/span>climate: <\/span>The Egyptian American Enterprise Fund (EAEF) recently released its <\/span>10 year impact report (pdf)<\/a><\/span> detailing its decade of investing in homegrown companies, largely through local private equity and venture capital firms. We spoke with EAEF Chairman James Harmon on the fund\u2019s portfolio, how to push private-sector growth, and how we can attract more FDI as the government pushes ahead with its privatization program.<\/span><\/p>\n

ON THE EAEF\u2019S IMPACT-<\/span><\/p>\n

The last decade in EAEF investments: <\/span>To date, the fund has invested USD 267 mn in local <\/span>firms, according to the report. Its portfolio has generated close to USD 200 mn in realized proceeds and is currently valued at more than USD 500 mn. Its portfolio investments have directly created some 15k jobs, the report adds. Job creation \u201chas become a very important measure for us,\u201d Harmon said. <\/span><\/p>\n

The fund works with some of the country\u2019s best-known investors \u2014 who in turn have <\/span>invested in household names: <\/span>The EAEF largely operates through a fund of funds model \u2013 channeling funding to local businesses through Egyptian venture capital and PE outfits. It has invested in funds managed by <\/span>Tanmiya Capital Ventures<\/a><\/span> (TCV), <\/span>Lorax Capital Partners<\/a><\/span>, <\/span>Algebra Ventures<\/a><\/span>, <\/span>Ezdehar Management<\/a><\/span>, and Flat6Labs Cairo. Among the local companies it has helped finance are fintech giant <\/span>Fawry<\/a><\/span>, Hassan Allam Utilities, and food company Abu Auf. The fund earlier this month announced an <\/span>EGP 250 mn<\/a><\/span> investment alongside Al Ahly Capital Holding in primary care company Dawi Clinics, following on from a <\/span>USD 3 mn<\/a><\/span> investment in 2018.<\/span><\/p>\n

The EAEF intends to invest at least USD 100 mn by the end of 2023<\/span>, according to Harmon. <\/span>That figure could increase if the fund successfully completes \u201cthe sale of a portion of one or two of our businesses.\u201d<\/span><\/p>\n

The fund is largely sector-agnostic: <\/span>\u201cWe never pick industries that we think we want to focus <\/span>on\u201d, said Harmon. \u201cWe\u2019re open to everything that our managers bring to us,\u201d he said, while adding that the fund does have an interest in export-oriented firms and the education sector. <\/span><\/p>\n

And it relies on local fund managers for their expertise: <\/span>\u201cOne thing I can tell you for sure, <\/span>we\u2019re not going to put people from the US on the ground in Cairo to do business,\u201d Harmon told us. After 10 years investing in Egypt, the EAEF has found Egyptian VCs and PEs \u201cknew pretty much what they wanted,\u201d says Harmon, but \u201cthey were short of capital\u2026and they still are short of capital.\u201d<\/span><\/p>\n

ON THE OUTLOOK FOR FDI-<\/span><\/p>\n

The talent is here \u2014 but more capital is needed: <\/span>\u201cEgypt has excellent human capital. T<\/span>he people that have helped us to invest and made us successful are just a fraction of the talent that exists in Egypt,\u201d said Harmon. But he added that \u201cthere\u2019s a shortage of capital\u201d without which \u201cthe private sector does not have the adequate funds to expand.\u201d<\/span><\/p>\n

Now is a good time for investors to come in, Harmon says:<\/span> \u201cYou can't get bargains in the <\/span>UK or the US, but you can get bargains in Egypt,\u201d Harmon said. \u201cWe have to talk about Egypt being attractive today\u2026and I would admit that we hope someday it\u2019ll get expensive.\u201d <\/span><\/p>\n

Foreign investors tend to go for controlling stakes<\/span>, Harmon noted. \u201cTo start this ball rolling<\/span> you have to create the impression around the world... that you can buy control if you're interested.\u201d The state has reportedly been <\/span>reluctant to sell controlling stakes<\/a><\/span> to Gulf and other investors under its privatization program, preferring to offer minority stakes. <\/span><\/p>\n

We need a turnaround in sentiment: <\/span>\u201cThere's a lot of pessimism right now in Egypt \u2014 I'd say <\/span>probably as much pessimism today as there was when we first arrived\u2026. that has to be turned around,\u201d Harmon said. <\/span><\/p>\n

REMEMBER- <\/span>The government is aiming to raise USD 2 bn by the end of June through the sale <\/span>of state-owned assets. This would give it more room to <\/span>meet the conditions of the IMF review<\/a><\/span> \u2014 which include transitioning to a fully-flexible exchange rate \u2014 and unlock the second tranche of its <\/span>USD 3 bn loan<\/a><\/span>. The government kicked off the privatization process with the <\/span>sale of a 10% stake in Telecom Egypt<\/a><\/span> earlier this month, though with only <\/span>9% of the shares<\/a><\/span> bought by foreigners the sale did little to bring in FX.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The fund is planning to deploy another USD 100 mn this year<\/p>\n","protected":false},"author":1,"featured_media":587705,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7272],"tags":[757,72,125,758,81,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-587704","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-egyptian-american-enterprise-fund","tag-enterpriseam","tag-investment-watch","tag-private-equity","tag-privatization-watch","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"8a866652-51ee-41d2-9e95-9b2079fd87a6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/4\/527.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian American Enterprise Fund marks 10 years and more than USD 250 mn of investment in Egypt","related_issue":[587692],"teaser":"The fund is planning to deploy another USD 100 mn this year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.f984d218-aed7-4251-b505-eeee98f3a05b.mp3"},"yoast_head":"\nEAEF marks 10 years and more than USD 250 mn of investment in Egypt - 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Harmon announced that the EAEF joined Ezdehar to acquire\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569878,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/10\/eaef-launches-its-inaugural-impact-report\/","url_meta":{"origin":587704,"position":2},"title":"EAEF launches its inaugural impact report","author":"enterpriseam admin","date":"10 March 2020","format":false,"excerpt":"Everything you need to know about the EAEF: The Egyptian American Enterprise Fund (EAEF) on Sunday released its inaugural report charting the social and economic impact the fund has had on Egypt. 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