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Credit Agricole Egypt invests USD5m in Beltone Midcap Fund

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Credit Agricole Egypt has agreed to invest USD5m in Beltone Midcap Management’s new midcap fund.

This new fund was initiated to provide support and help in developing the small and medium enterprises sector in Egypt.

Beltone Private Equity was established in 2006 to capitalise on the unprecedented changes taking place in Egypt investment environment. As of the end of May 2010 Beltone Private Equity manages seven funds with total assets under management of EGP2.8bn.

Credit Agricole Egypt was established when Credit Agricole and Mansour & Maghraby Investment & Development acquired the Egyptian American Bank and merged the network with Calyon Bank Egypt in September 2006.

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