Egypt’s Beltone Financial to launch $1bn Fund

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Egypt’s Beltone Financial will launch a $1 billion investment fund in fixed income instruments in September, its chief executive officer told Reuters on Monday.

The investment bank aims to raise $150-200 million in the first phase of the investment fund, Bassem Azzab said.

Beltone aims to acquire brokerages in Egypt and frontier markets, Azzab said. He expects the company to manage the initial public offering of a pharmaceutical company worth over 1 billion Egyptian pounds ($56.37 million) on the Egyptian stock market before the end of 2017, Reuters reported.

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