Concord to launch $450m investment funds in Egypt

Fund manager Concord International Investments is set to launch four investment funds worth $450 million sourced from Japanese institutions and targeting Egyptian investment opportunities, al-Mal daily said on Sunday.

Concord chairman Mohamed Younes told the newspaper the funds would include at least $150 million direct investment in Egyptian firms, to be completed by the second quarter of the year, and $300 million in three funds invested in the stock market.

Younes told Reuters in October that the private equity group would set up an equity fund by mid-2010 targeting the food and healthcare industries and light manufacturing.

Concord, based in New York and Cairo, is a leading fund manager of Egyptian securities, with $1.2 billion invested in Egyptian equities, according to its website.

Al-Mal did not identify the Japanese firms involved in the venture, and executives from Concord were not immediately available to comment.

Source: Reuters