WASHINGTON, D.C., September 30, 1999 — The International Finance Corporation today signed an agreement to invest in HC Securities and Investment (HCSI), a full-service investment bank in Egypt.
IFC's investment will represent a 10 percent equity stake in HCSI, which was established in May 1996 by Mr. Hussein H. Choucri, an Egyptian national. Morgan Stanley Middle East Inc., an affiliate of Morgan Stanley Dean Witter, is currently a 30 percent shareholder and strategic partner in HCSI.
The investment will enhance HCSI's ability to provide a broad range of investment banking services, which will address the financing needs of the local private sector. HCSI offers trading of listed securities, underwriting, private placement of debt and equity issues, corporate finance, fund management, and private equity investment.
Mohsen Khalil, IFC Director of Central Asia, Middle East and North Africa Department, said that the investment in HC Securities and Investment would help the company to expand its operations and spur similar initiatives in the financial sector, which would help promote investment opportunities in Egypt.
IFC has been focusing on strengthening the financial sector in Egypt by helping to develop new financial intermediaries such as the country's first leasing company, life insurance company, and rating agency.
The mission of IFC, part of the World Bank Group, is to promote private sector investment in developing countries, which will reduce poverty and improve people's lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, and provides technical assistance and advice to governments and businesses.
