Traders work at Egypt s Stock Exchange in Cairo (Photo: Reuters)
It is an open investment fund and its documents are offered through public subscription.
In a statement on Tuesday, the FRA said the fund aims to invest in Egyptian and foreign securities listed on the Egyptian Stock Exchange, especially in shares, in addition to investing in short and medium-term fixed-return instruments, including debt instruments, whose credit rating is no less than the minimum limit acceptable by the authority (BBB-) or its equivalent.
The founding company allocated EGP 5 million for the fund, in return for receiving subscriptions and purchase requests in the fund's documents without a maximum limit.
This comes in accordance with the FRA's Decree 1/2021 to amend its decision 58/2018 on the rules, controls, and procedures for licensing banks, and for some companies that engage in non-banking financial activities to undertake investment fund activity on their own or with others.
Once the issuance of the fund's documents is approved, the total number of investment funds that obtained a licence from the authority will reach 139, with a total value of approximately EGP 107.6 billion, including 14 funds, in 2022.