Egypt launches gold investment Fund

Egypt’s Financial Regulatory Authority’s (FRA) has launched the country’s first gold investment and first ever minerals investment Fund.

The fund is part of the FRA’s plans to support the government’s efforts to boost financial and investment inclusion and develop an inclusive non-banking financial sector with a catalytic role in enhancing the economy, Arab Finance reports.

The fund known as Evolve Azimut received approval from the FRA early this month. It will be run by Azimut Egypt, while Catalyst Partners will be in charge of pricing the fund’s investment document that will be updated on a daily basis.

The idea to set up the fund comes in line with the recent hike in gold prices, with the price of the 21-karat gold rising by 58% since the beginning of the year and by over 167% in 12 months to register EGP 2,600 per gram, Arab Finance reports.