Month: December 2020

EBRD to approve €20m for Amethis MENA Fund II in February 2021

The Board of Directors at the European Bank for Reconstruction and Development (EBRD) is scheduled, on 24 February 2021, to approve an equity investment of up to €20m, in favour of Amethis MENA Fund II.

The project’s total cost stands at €150m, with the EBRD’s participation in the Fund set to enable it to achieve a first closing.

The Luxembourg registered Amethis Investment Fund Manager is an Alternative Investment Fund Manager (AIFM).

The Fund will seek to achieve long-term capital growth by undertaking equity and equity-linked investments, predominantly in small- and medium-sized enterprises (SMEs) in Morocco, Tunisia, Egypt, and Jordan.

The EBRD’s proposed investment is expected to contribute to its concept of resilient transition, by increasing the availability of private equity capital. Additionally, the project is expected to support the bank’s concept of competitive transition, by increasing the competitiveness of investee companies.

Italy’s Regeni murder investigation closed, perpetrators remain unknown

The investigations into the murder of Italian graduate student Giulio Regeni, which took place in Cairo, have been closed, according to a joint statement by the Italian and Egyptian prosecutions on Monday.

The Italian investigations were closed with accusations levelled against five Egyptian security officers of their involvement in the incident. However, the exact identity of the perpetrator of the Italian graduate student’s death remains unknown. The case was referred to an Italian court.

Five officers are suspected of having committed the crime, without any relation to Egyptian security authorities or their knowledge of the incident, according to a the Italian prosecution, however, the Egyptian Public Prosecution said that it respects the Italian investigations, but did not accept its outcome as it is based on “groundless evidence.”

The Egyptian side explained that the country’s security services have strong evidence that a gang has robbed the student, and that some of his belongings were found in the house of one of the accused.

Kuwaiti bank believes COVID-19 impacts on Egypt economy faded away

The National Bank of Kuwait (NBK) has stated that the Egyptian economy’s performance promises encouraging future prospects, and that the worst repercussions of the novel coronavirus (COVID-19) pandemic have ended.

In a report, the bank said that despite the pandemic, preliminary figures revealed that Egypt’s real GDP grew by 3.6% in fiscal year (FY) 2019/20, compared to 5.6% in FY 2018/19.

He added that the closures applied to contain the outbreak led to a decline of 1.7% in the second quarter (Q2) of 2020, compared to 5% in Q1 of 2020. Egypt also saw an increase in its unemployment rate, to 9.6% in Q2 of 2020, compared to 7.7% in Q1.

NBK confirmed that the country’s main economic indicators are still showing a gradual recovery, which confirms that the worst economic repercussions of the pandemic may have ended.