By: Heba El Kordy

Cairo – Mubasher: EFG Hermes Company is expected to obtain the regulatory approvals to manage Islamic funds within a month.

These funds could exceed EGP 100 million in value, managing director at EFG Hermes Asset Management Khalil El Bawab told Mubasher on Tuesday.

Over the previous period, the Egypt-listed investment bank was seeking to acquire the right to manage three state-run funds, El Bawab revealed.

The Central Bank of Egypt (CBE) may cut key interest rates by 1% in May, which will have a positive effect on investment funds, the top official noted.

Translated by: Muhammad Khalid