The Egyptian American Enterprise Fund’s (EAEF) investments in Egypt reached USD 130 mn as of the end of 2017, Invest-Gate reports.

In its 2017 annual report, the EAEF remarks that with such investments, the fund has developed its portfolio to comprise four private companies and three local investment funds.

Due to the EAEF primary investment in Fawry in 2015, it has since then “positively influenced the lives of over 20 mn Egyptians, adding USD 130 mn in additional foreign direct investment (FDI) to the market, and thus, doubling the impact of the fund’s efforts,” the report elucidates.

Chairman James Harmon underlines that the fund’s investments have generated more than 500 jobs, confirming that the figure will still grow amid developments to its investment portfolio.

“As Egypt’s macroeconomic environment has stabilized, the private sector’s role as a primary engine of growth has become more essential,” Harmon is quoted as saying.

The EAEF’s highlights from 2017 include buying a stake in Orchidia Pharmaceutical Industries, a company that provides affordable and high-quality local alternatives to pharmaceutical products that would otherwise be imported; marking a second investment in the healthcare sector made in the wake of the EAEF’s successful 2016 investment in tech-enabled healthcare services company SmartCare, Harmon adds.

Moreover, the fund also committed USD 550,000 to a total investment of USD 5.5 mn made in partnership with Egypt Ventures and the International Finance Corporation (IFC) to finance regional startup accelerator Flat6Labs.

The EAEF was first established in 2013 and funded by the US Congress with up to USD 300 mn in its capital.