CDC Group establishes permanent presence in Egypt with appointment of new Coverage Director
CDC Group, the UK’s impact investor and development finance institution has established its permanent presence in Egypt with the appointment of Sherine Shohdy as its new Coverage Director. In this new role, Sherine will focus on building more partnerships with local businesses, due diligence and support CDC’s Egyptian portfolio.
CDC is Africa’s largest impact investor and has invested on the continent for over 70 years. CDC has been present in Egypt since 2003 and its portfolio of companies collectively employ 28,351 people. In July 2020, CDC announced a deal to provide $100 million of Tier 2 capital to Commercial International Bank (Egypt). Other strong local partnerships include Ezdehar Private Equity, Sawari Ventures and the 800MW Benban Solar Park in Aswan.
Sherine joins CDC with a wealth of experience working in Egypt and across the Middle Eastern and North Africa (MENA) region, both in development finance and across the private sector. She most recently worked as a senior consultant to the International Finance Corporation with a focus on the manufacturing, agribusiness and services sectors across the MENA region, having previously spent close to a decade at the institution working on investments mostly focused on the infrastructure and natural resources sectors in Egypt and neighbouring countries. Sherine has also held senior positions at Hassan Allam Holding, its subsidiary Hassan Allam Utilities and the Arab African International Bank.
Sherine’s appointment will help CDC achieve its mission of supporting the long-term, sustainable growth of Egyptian businesses. CDC’s investments generate transformational impact by creating jobs, lifting people out of poverty and improving the environmental, social and governance standards within its investee companies.
Tenbite Ermias, CDC’s Managing Director for Africa, commented: ''CDC is committed to supporting Egypt’s private sector and accelerating the country’s economic development. Sherine’s extensive knowledge, experience and networks will be critical to achieving these objectives, particularly in terms of identifying promising businesses where our investments can have a transformational impact and improve everyday lives.''
Sherine Shohdy added: ''I am delighted to be joining CDC’s Africa Coverage Team. I’m looking forward to deepening CDC’s presence in Egypt, widening its footprint and helping identify investment opportunities that will lead to tangible improvements in living standards for Egyptians.''
Sherine graduated from the American University in Cairo with a BA in Accounting and Finance and holds an MSc in Investment Banking and Islamic Finance from the University of Reading, United Kingdom.