State-Owned Banks Launch EGP 2 Billion Project to Support Local SMEs

Investment management company Avanz Capital Egypt has established a new project called ‘Avanz Manara for Private Equity’, which would support the growth of small and medium enterprises (SMEs) in Egypt, and help Egyptian banks provide them with financing, as required by the Central Bank of Egypt. 

“This transaction is the first of its kind in Egypt and will promote the growth of the Private Equity and Venture Capital industries, as well as support the development and expansion of SMEs across the country,” said Hany Assaad, the Managing Director of Avanz Capital Egypt. “We are working in partnership with fund managers and companies in Egypt to work together toward meeting the Sustainable Development Goals through our investment activities.” 

Avanz Manara’s total capital comes out at EGP two billion, with an initial subscribed capital of EGP 905 million from Egyptian institutional investors. The founding shareholders of Avanz Manara include the National Bank of Egypt, Banque Misr, Banque du Caire, Misr Insurance Holding Company, Suez Canal Bank, Ahli United Bank, The United Bank, and Attijariwafa Bank Egypt.