Minister of Planning and Economic Development and Chairperson of the Board of Directors of the National Investment Bank (NIB), Dr. Hala El Said, announced that NI Capital – NIB’s investment arm, has launched its money market fund “Siula”, which comes as part of its strategy of to reinforce its role in achieving financial inclusion and developing the Egyptian capital market.
El-Said highlighted that the fund will invest in liquid and short-term financial instruments, including bonds; T-bills; banking deposits; certificates of deposits and other low-risk instruments.
NI Capital also aims to cater for the needs and requirements of its individual and institutional clients alike, according to the minister.
El-Said added that ‘Siula’ fund is the first of its kind to be established by an investment bank in Egypt and that it is also the first money market fund to invest in movable collaterals, benefiting from recent legislative amendments to investment funds’ laws.
“NI Capital’s introduction of its first money market fund is a new step in the path of the leading company in the field of providing non-banking financial services, and an enhancement to its unique role,” said CEO of NIB and Chairman of NI Capital, Mahmoud Montaser.
CEO and Managing Director of NI Capital, Mohamed Metwally illustrated that the fund comes as a continuation of the success achieved by NI Capital in managing the investment portfolios of many investors, whether from government entities or private sector companies.
Hazem Kamel, Managing Director of Assets and Investment Management at NI Capital, said that the company is working on introducing new and innovative products in the coming period as part of its strategy to support the state’s plan and to achieve the sustainable development goals. He added, “the NI Capital’s “Siula” fund seeks to introduce and make available new investment tools to achieve financial inclusion and avail them to different groups within our society, whether they are institutions or individuals.”
The ‘Siula’ fund aims to achieve a daily cumulative return corresponding with the low risk associated with the instruments invested in it while, maintaining a high degree of liquidity that allows the investor to buy and sell their certificates on daily basis.
Worth mentioning, NI Capital has contracted ‘Arabiya Online’ which is owned by it, in addition to the ‘Mubasher’, to receive subscriptions and promote the fund among customers from the segments of individuals and institutions with the ability to receive subscriptions electronically, while NI Capital will promote the fund to large institutions.
Last year, NI Capital established the National Investment Charity Education Fund with the aim of providing sustainable financing for educational projects while managing charitable work, the size of the fund has so far reached EGP 150 million, according to the planning ministry.
NI Capital was established in 2015 as an independent financial services company, acting as an independent catalyst for promoting public-private cooperation and attracting both domestic and foreign expertise to add value through promoting sustainable economic and social development across Egypt.
It also provides an integrated set of investment banking, investment management services and financial advisory in the Egyptian market. It also manages the government IPO program to attract local and foreign investments to the Egyptian exchange and diversify sources of income for the government.