Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Banque Misr Intends Launching 1st Investment Fund in Gold Sector


Sun 12 Sep 2021 | 05:18 PM
walid Farouk

Banque Misr intends to launch the first Egyptian investment fund in gold trade sector.

The bank is currently concluding the required final steps before the official launch of the fund.

Therefore, it aims gaining profits based on the daily performance of gold in exchange markets.

Akef El Maghraby, the deputy head of Banque Misr, said this fund is an influential addition to the sector of Egypt's investment funds, and it will serve the demands of a wide group of investors who look forward to join such a market and have not the required experiences.

He added the bank is planning to launch a group of investment funds dedicated to several fields and activities in the Egyptian market.

Moreover, Banque Misr believes that investment funds, as direct investment instrument, support the strategy of moderating assets in Egypt, in addition, it can create the required funding to cover the existed financing gaps in the market.

He continued that it would also back Egyptian Central Bank's vision of encouraging banks to increase their contributions in investment funds field, alongside private companies limited by shares which support Egypt's approach towards achieving financial inclusion.

Egypt strategy of financial inclusion is dedicated to achieving sustainable development in various sectors such as health, financial technology services, and small and medium-sized enterprises.

Contributed by: Rana Atef