Egypt’s Financial Regulatory Authority (FRA) has approved the establishment of the Pyramid Private Equity Company, the first company in the Egyptian market to invest in small- and medium-sized enterprises (SMEs) and projects under the FRA’s umbrella.
The FRA issued a decision to establish the company in accordance with the provisions of the Capital Market Law No 95 of 1992, and its executive regulations and decisions. The company will commence operation with an initial capital of EGP 10m, paid in full.
The shareholder structure is divided between the Delta Inspire Project Management Company, as a joint partner, and 138 Pyramids venture capital firm.
The company will focus its activities on the field of investment in SMEs in Egypt.
It aims to take the volume of investments to more than EGP 1bn, in partnership with many banks that target the growth of the SMEs sector.
The new company’s Board of Directors includes: Ahmed Darwish, former Minister of Development and Administration and former head of the General Authority for the Suez Canal Economic Zone (SCZone); Nevine El Tahry, a deputy at the House of Representatives who has worked on the Boards of Directors at many banks and economic bodies, and who currently serves on the Boards of Directors at The Sovereign Fund of Egypt (TSFE); Khalil El-Bawab, Managing Director of Misr Financial Investments; and Randa Abdo, Founder and Partner at Marketing Mix.