The Egyptian-American Enterprise Fund (EAEF) targets increasing its investments in the Egyptian market to $1bn, according to the fund’s board member Hani Sarie-Eldin.

The fund recently acquired a 20% stake of Fawry for e-payments. The deal was worth $20m.

Sarie-Eldin said another deal was signed days ago at a cost of $65m, however refusing to disclose further details.

The EAEF is funded by the United States, and follows the investment fund scheme developed in Eastern and Central Europe during the 1990s. The fund has invested $1.1bn in Egypt since it was established.

Sarie-Eldin said the fund has a capital of $300m, and it aims to support financial inclusion as well as increasing foreign and local investment in Egypt, with the aim of supporting long-term economic development.

He added that the fund’s main objective is encouraging the Egyptian private sector through developing means of reaching investments and supporting human resources through modern means of technology.