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
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.