The Egyptian-American Enterprise Fund (“EAEF”) announced today the reappointment of Mohamed El Beih, Partner at LuminArx Capital to its Board of Directors, effective October 2023.
EAEF’s Chairman, James Harmon commented, “We are pleased to welcome Mohamed back to EAEF’s board. Mohamed’s extensive international investment expertise will strengthen EAEF’s efforts to support Egypt’s private sector at a challenging time for the country and the region.”
Since Congress established EAEF in 2011, we have played a critical role rebuilding Egypt’s private sector after the revolution. This includes seeding what are now the top private equity and venture capital firms in the Middle East, expanding access to financial services for 49 million Egyptians and supporting 40,000 jobs. To date, EAEF and its partners have catalyzed over $1 billion in foreign investment.
2022 was a difficult year for Egypt. The Russian invasion of Ukraine had a significant impact on Egypt’s economy, impacting tourism revenues and increasing food prices. Following the invasion, Egypt saw $20 billion in foreign outflows, which resulted in a foreign currency shortage. Over the past year, the Egyptian pound declined from approximately 15 to 1 to 30 to 1. Read More >
The Egyptian-American Enterprise Fund (“EAEF”) welcomes the announcement that the International Monetary Fund (“IMF”) has reached a staff level agreement with Egypt on a comprehensive economic reform program that will be supported by a $3 billion, 46-month extended fund facility arrangement. According to the IMF, the agreement will seek to broaden Egypt’s structural and governance reforms to “unleash private sector growth.”
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