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