First Egyptian-Canadian investment fund with a capital of $ 100,000,000

The E.N.G. Perings International and Concord Corporation for International Investment will launch a promotion campaign in mid-September in the world capitals of business and the Arab region which will continue for two months contributing to the first Egyptian-Canadian investment fund with a capital of $ 100,000,000 .

Shereif Raafat, the CEO of the Concord Corporation for International Investment, announced that the new fund is the result of the partnership between Concord and "Case de Pois" fund which is the biggest pension fund in the state of Quebec with a capital of 105 milliard Canadian dollars (80 milliard American dollars).

The Canadian fund uses 12 milliard Canadian dollars (8 milliard American dollars) for direct investment in the growing markets out of North America. Raafat added that the Canadian fund has a strong presence in the markets of Hungary, Poland and Latin America and thus its partnership with Concord is the first of its kind in Egypt and the Middle East.

This new fund is divided between Case de Pois (40%) and Concord (60%) with a foundation capital of $ 25,000,000 while E.N.G. Perings has added $ 5,000,000 as it undertakes the promotion management of the fund. The remaining $ 70,000,000 will be provided by Arab and international financial corporations.

Raafat announced also that the foundation note has been finalized and its details will be given on request to other corporations and it will be reviewed as well by the fund managers in London, Paris, Geneva, Zurich, Frankfort, Abu Dhabi, Kuwait, New York and Boston. The marketing report will be also distributed on all foreign financial corporations, insurance companies and pension funds.

The new fund which is labeled C.D.P. Concord Egyptian Direct Investment Fund aims at investing in existing or under-foundation Egyptian companies with a value added purpose concentrating on financial and communication sectors and some closed companies looking for a partner.

On the other hand, Mr Jane-Claude Serer, director of Case de Pois, stressed that they will expand the activities of the new fund in the Middle East adding that this investment came in the right time with partners experienced in the Egyptian market.

He also expressed his hopes that this investment will attract other Canadian groups to invest in Egypt.