Egypt’s Seyola cash fund attracts EGP 1.7 mln, 21 times targeted investments

Egypt’s Seyola cash fund attracts EGP 1.7 mln, 21 times targeted investments

Seyola - Egypt's first cash investment fund - has managed to attract EGP 1.7 million, exceeding the targeted investments that was initially set at EGP 500 up to EGP 100 million, Minister of Planning and Economic Development Hala El-Said announced.

The subscription in the fund, which rolled out on 10 January as an EGP fund with daily proceeds, was closed on Tuesday even before the scheduled close date that was initially set on 10 March, due to the heavy subscribers demand to invest in the fund, according to El-Said.

"Seyola“ was launched on 8 January by NI Capital company, the state-owned National Investment Bank (NIB)'s investment arm, in line with the company's strategy that aims at boosting its role in achieving financial inclusion and developing capital market.

El-Said is also the Chairman of the NIB.

It also targets meeting the market needs and requirements of its individual and institutional clients alike.

El-Said noted that this kind of investment product contributes in attracting more investments to the treasury bills and the government's bonds, which both catalyse the economic development process.

The CEO of NI Capital company, Mahmoud Montaser, stated that the fund managed to attract 21 times the targeted investments,