A well-placed source at FRA said the approval came in line with the capital market law no 95 of 1992 and its executive statute.

The company seeks to get investments to exceed LE 1 billion in partnership with several banks which aim to boost small and medium-sized enterprises.

The company's board comprises former local development minister Ahmed Darwish, MP Nivine Taheri, managing director of Misr Financial Investment Khalil el Bawab and Founder of Marketing Mix Randa Abdou.