SIFEM joins Egyptian distressed assets fund

(Reuters) – Geneva-based Swiss Investment Fund for Emerging Markets (SIFEM) agreed to participate in a $100 million fund to buy distressed small and medium-sized assets in Egypt, the fund’s sponsors said on Thursday.

Projects in the fund’s pipeline include “geo-textiles, automotive assembly, cosmetics, logistics, food processing, specialty glass and pharmaceuticals,” Egypt’s Citadel Capital said.

SIFEM will contribute $7.5 million to the fund, which was announced in April. Citadel has committed $10 million, the European Investment Bank $17 million and the International Finance Corporation $17 million.