Egypt’s Seyola cash fund attracts EGP 1.7 mln, 21 times targeted investments

Doaa A.Moneim , Tuesday 16 Feb 2021

Seyola was launched on 8 January by NI Capital company, the NIB’s investment arm, in line with the company’s strategy to boost achieving financial inclusion and developing capital market

Hala El Said

Seyola - Egypt’s first cash investment fund - has managed to attract EGP 1.7 million, exceeding the targeted investments that was initially set at EGP 500 up to EGP 100 million, Minister of Planning and Economic Development Hala El-Said announced.

The subscription in the fund, which rolled out on 10 January as an EGP fund with daily proceeds, was closed on Tuesday even before the scheduled close date that was initially set on 10 March, due to the heavy subscribers demand to invest in the fund, according to El-Said.

“Seyola” was launched on 8 January by NI Capital company, the state-owned National Investment Bank (NIB)’s investment arm, in line with the company’s strategy that aims at boosting its role in achieving financial inclusion and developing capital market.

El-Said is also the Chairman of the NIB.

It also targets meeting the market needs and requirements of its individual and institutional clients alike.

El-Said noted that this kind of investment product contributes in attracting more investments to the treasury bills and the government’s bonds, which both catalyse the economic development process.

The CEO of NI Capital company, Mahmoud Montaser, stated that the fund managed to attract 21 times the targeted investments, adding that the company will expand its activities and services to fulfil its clients’ expectations.

The fund aims at generating daily accumulative proceeds that are compatible with the decreased risks, associated to the investment instruments the fund extends, while keeping a high liquidity level that allows investors to purchase the instruments and regain proceeds daily .

NI Capital established the National Investment Charity Education Fund in 2020, in order to provide sustainable financing for educational projects while managing charitable work. The size of the fund has so far reached EGP 150 million, according to the planning ministry.

NI Capital was established in 2015 as an independent financial services company, acting as an independent catalyst for promoting public-private cooperation and attracting both domestic and foreign expertise to add value through promoting sustainable economic and social development across Egypt.

It also provides an integrated set of investment banking services, investment management services and financial advice in the Egyptian market, in addition to managing the government IPO program to attract local and foreign investments to the Egyptian exchange as well as diversifing sources of income for the government.

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