The International Finance Corporation has agreed to invest US$30 million in EFG-Hermes Holding SAE, one of Egypt’s leading investment banks. IFC’s loan will support EFG’s efforts to expand regional operations and establish new lines of business in Egypt. The agreement was signed at IFC headquarters in Washington by Mr. Cesare Calari, Global Financial Markets Director of IFC and Dr. Mohamed Taymour, Chairman of EFG Hermes. Egyptian Minister of Economy and Foreign Trade H.E Dr. Youssef Boutros-Ghali attended the signing ceremony.
The investment is in line with IFC’s global commitment to strengthen capital markets as a way to boost private sector development that will alleviate poverty and improve people’s lives. It also reflects IFC’s commitment to support Egypt’s financial services sector.
Mr. Sami Haddad, IFC Director for the Middle East and North Africa, said that by supporting the regional expansion of a leading investment bank, IFC is contributing to the much-needed development and integration of regional financial markets and facilitating capital flows that create more attractive opportunities for global and regional investors. The investment will enable EFG to expand its presence by establishing joint ventures in the Middle East region and explore new opportunities in North Africa.
IFC’s investment marks the first time an Egyptian investment bank has obtained access to medium-term funding, boosting EFG’s status as a regional player. EFG has an excellent track record as a leading Egyptian investment bank involved in securities brokerage and investment banking, as well as corporate finance, advisory services, equity and debt offerings, and asset management. For the past three years, EFG has been the leading broker on the Cairo and Alexandria stock exchange.
The mission of IFC, part of the World Bank Group, is to promote sustainable private sector investment in developing countries as a way to reduce poverty and improve people's lives. IFC finances private sector investments in emerging markets, mobilizes capital in international financial markets, and provides technical assistance and advice to governments and businesses.
