Summary of Proposed Investment
Project Number
7650
Company Name
The Egypt Trust
Date SPI Disclosed
Jun 24, 1996
Country
Egypt, Arab Republic of
Industry
other
Status
Completed
Sector
Foreign Portfolio Equity Fund - Country
Department
Equity Portfolio Management
Environmental Category
C - No Impact
Previous Events
Approved : Jul 31, 1996
Signed : Aug 6, 1996
Invested : Aug 7, 1996
Project Description
Summary Of Project Information (SPI)
| Project Name | Egypt-The Egypt Trust |
| Region | Middle East and North Africa |
| Sector |
Projected Board DateJuly 22, 1996
Company NameThe Egypt Trust
Technical Partner and/or Major Shareholders
PRIMARY SPONSORS: International: Lazard Frères Asset Management. Local: Egypt - National Bank of Egypt.
Project Cost Including proposed IFC investment
US$50 million, including an IFC equity investment of the lesser of 10% or US$5 million in the Fund. IFC will also serve as structuring agent to the Fund.
Location of project and Description of site
New York, Cairo.
Description of Company and Purpose of Project
The proposed project involves the establishment of an investment fund for Egypt, The Egypt Trust (ET, the Fund). The objective of the Fund is to realize long-term capital appreciation through investment primarily in listed equity securities of Egyptian companies and, to a limited extent, in shares of companies that are in the process of securing a listing. ET will be established as a closed-end investment company, incorporated in Luxembourg and listed in London, Luxembourg and, subsequently, Cairo. The Fund, with a minimum capital of US$50 million, will be managed by Lazard Frères Asset Management, with local support provided by National Bank of Egypt, the country’s largest commercial bank. SBC Warburg and Lazard Capital Markets will serve as the lead placing agents.
Environmental Category and Issues
This is a Category C project according to IFC’s Environmental Unit, needing no further environmental review.
| Date SPI sent to PIC | June 24, 1996 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
Sponsor / Cost / Location
Related ESRS/ERS
