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Tourism Assistance Fund aiming for 25% annual returns: Investment manager

Egypt’s Tourism Assistance Fund is looking for annual returns of 25% on investments, or $250m in the first phase of underwriting, according to Amr Askar, investment manager at Cairo Financial Holding. The first phase will take place directly after the Egyptian Financial Supervisory Authority (EFSA) adopts the prospectus. Askar added in a statement to Al-Borsa …

Daily News Egypt

Libyan fund sues France’s SocGen for $1.5bn

AFP – Libya’s sovereign wealth fund is suing French bank Societe Generale in a British court for $1.5bn (€1.1bn) for allegedly channelling bribes to allies of the son of slain dictator Moamer Qadhafi, officials said on Monday. The Libyan Investment Authority is seeking compensation from the bank and from WalidGiahmi, an alleged associate of Saif …

Daily News Egypt

More than 700 million worth of positive signals in Egypt

The ‘Egypt Support’ Fund, the 306306 account, has exceeded EGP 700m according to Ashraf El-Araby, Minister of Planning and International Cooperation, in the less than two months since its creation. Two other similar funds had been established since the start of the January 25th Revolution in Egypt with comparatively little success in fund raising. I …

Iris Boutros