Daily News Egypt
FEP Capital intends to inject investments of EGP 250m in the coming two years to continue its plan of injecting EGP 500m in small and medium enterprises (SMEs), as well as non-performing factories, according to FEP Capital CEO Abdullah Al-Shaheen.
He noted that the company injected EGP 250m in the past two years, as part of EGP 500m pledged during the economic conference in Sharm El-Sheikh.
He explained that the delay of issuing the New Investment Law hindered many foreign and local investments.
Al-Shaheen said that solving investors’ problems is the way to attract new investments.
Meanwhile, assets managed by FEP Capital registered EGP 20bn at the end of 2016.
Al-Shaheen added that the company is working to continue injecting investments worth EGP 250m in a number of companies in the industrial and consumer sector in the Egyptian market, focusing on companies with local production elements and ones that have export opportunities for achieving dollar revenues.
In the same context, Omar El Maghawry, managing director of the company, told Al Borsa that 2017 will witness the injection of more than EGP 130m in a large number of companies. The company will complete injecting all its investments in 2018, utilising the current opportunity to inject investments.
He added that the company is working for the Egyptian Group for Media (EGM) during the coming period—in addition to working for the Egyptian Steel Company, which will open its factory in Ain Sokhna during the current year.