The National Bank of Egypt, the largest government bank in Egypt, intends to invest up to five billion LE during 2024 in new projects and expand some currently existing ones, according to the CEO of Investments and Investment Trustees of the bank Ahmed al-Saeed during his talk with Al-Sharq.
Saeed explained that new investments will be directed to six projects, of which LE300 million will be pumped to expand into companies the bank invests in by increasing their capital.
The bank’s chief investment officer told Al-Sharq: “These new investments will be in the sectors of financial technology, real estate development, chemical industries, and engineering industries.”
The bank will exit 12 companies with an expected proceeds of four billion, including LE 3.1 billion in capital gains from various sectors such as tourism, food industries, construction, and information technology, according to Saeed.
The bank’s proceeds from exit operations last year amounted to LE2.1 billion through the sale of its shares in eight companies, with capital gains of LE900 million.
