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EAEF announces major investments in Sarwa Capital - Daily News Egypt

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EAEF announces major investments in Sarwa Capital

To date, EAEF committed over $75m in Egypt in 2015


The Egyptian American Enterprise Fund (EAEF) announced Tuesday that it entered into conditional binding agreements to invest in Sarwa Capital. The company is a pioneer in consumer finance, leasing, and securitisation in Egypt, according to EAEF’s statement.

The transaction includes the pumping of $20m of new capital to enhance the company’s capital base and acquiring some existing shares giving EAEF a majority stake in Sarwa Capital.

“Our partnership with Sarwa Capital will help us support an already-established and successful management team in growing their business. We are honoured to have the opportunity to assist Sarwa Capital in further expanding its financing base and product offering in Egypt,” said Chairman of EAEF James A. Harmon.

“Sarwa has the ability to structure and organise credit extension in innovative ways that helped expand the consumer finance market and serve the previously unbanked population,” Harmon said.

“EAEF’s resources will be invaluable to us as we seek to grow as the largest player in structured financial services and complementary activities that serve both the banking sector and the debt capital markets,” Hazem Moussa, managing director and co-founder of Sarwa Capital, said.

With an anticipated capital of $300m, EAEF is committed to promote financial inclusion, job creation, and increased foreign and domestic investment in Egypt with a broader target of long-term sustainable economic development.

To date, EAEF committed over $75m in Egypt in 2015. In November 2015, the fund in consortium with Helios Investment Partners and MENA LTV Fund announced its acquisition of Fawry, an electronic payments platform.

Earlier in November, the fund’s board member Hani Sarie El-Din said EAEF aims to increase its investments in the Egyptian market to $1bn.

 

Topics: Sarwa Capital

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https://dailyfeed.dailynewsegypt.com/2015/12/01/eaef-announces-major-investments-in-sarwa-capital/
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