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SPHINX TURNAROUND FUND

Signature(s)

Amount
€ 13,000,000
Countries
Sector(s)
Egypt : € 13,000,000
Services : € 13,000,000
Signature date(s)
19/12/2008 : € 13,000,000
Link to source
Data sheet
SPHINX TURNAROUND FUND
Other links
Summary sheet
Sphinx Turnaround Fund

Summary sheet

Release date
4 July 2008
Status
Reference
Signed | 19/12/2008
20080208
Project name
Promoter - financial intermediary
Sphinx Turnaround Fund

Sphinx Capital, a Luxembourg-registered company, which is owned 90% by the Sponsor Citadel Capital and 10% by Ms. Marianne Ghali, shall act as the General Partner of the fund.

Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
Up to the lower of USD 20 million and 20% of the total commitments at any closing.
The target size of the Fund is USD 100 million with a ceiling of USD 150 million. Committed capital at first closing is foreseen at USD 50 million.
Location
Sector(s)
Description
Objectives

An equity participation on ENPI risk capital resources of up to USD 20 million in Sphinx Turnaround Fund, a fund investing in majority and controlling stakes in Egyptian companies in distress, default or in need of restructuring.

The aim of the Fund is to create value by restructuring and re-launching companies, which would otherwise most likely be liquidated.

Environmental aspects
Procurement

In addition to complying with Egypt’s environmental laws, regulations and policies and, where appropriate, EU legislation (e.g. sensitive sectors, environmental impact assessment), the Fund has agreed to develop environmental guidelines in agreement with its leading investors, namely the IFC and the Bank.

N/A (private sector investment).

Comments

A closed-end private equity fund incorporated in Luxembourg, targeting private sector companies located in Egypt.

Link to source
Summary sheet
Sphinx Turnaround Fund
Other links
Data sheet
SPHINX TURNAROUND FUND

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

General enquiries and comments

The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
Alternatively, the EIB can be contacted through its external offices.
Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

Media enquiries

Media-related enquiries can be addressed to the EIB Press Office. Please also visit our Media information section.

Complaints mechanism

Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

Zero tolerance against fraud and corruption

The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Investigations Division. All reports will be treated as strictly confidential and handled in line with EIB investigation procedures and the EIB Group Anti-Fraud Policy.

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