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4. NEW INVESTMENTS: Mr. Snaith updated the Committee on the following new investment proposals which had first been reviewed in the November meeting. Investment in Quoted Securities on the Cairo Bourse: the stock exchange moved ahead quite strongly during the winter months. The Committee approved in principle that the Fund commit up to LEl million in leading quoted securities through the stockbroking firm of Mr. Maher Fahmy. Details of the arrangements are to be worked out between Fund management and Mr. Fahmy. Movenpick Quseir Hotel Project: this investment has now received the preliminary approval of the Investment Authority and the Swedish promoters are trying to refine cost estimates for the construction of the hotel with a short list of qualified contractors. The equity capital required has not yet been covered as there is inadequate Egyptian representation. It is hoped, however, that the Egyptian Export Development Bank will participate with 10% interest. The Committee approved that the Fund take a 5% equity participation (approximately LEl million) in the project. Movenpick Dahab Hotel Project: the equity capital of this investment has not yet been fully subEcribed. The promoters have to date covered 87% of the equity requirement. At the request of the Deutsche Entwicklungsgesellschaft an environmental study is currently being undertaken to determine whether the presence of a hotel at the chosen site will have any adverse ecological consequences. A positive outcome of this report is confidently expected. The Committee approved that the Fund take a 10% equity participation (approximately LE2 million) in the project. National Company for Industries: 'Mr. Iskander's existing packaging lines have now been moved to a new factory at the 10th Ramadan and continue to do well. A plot adjacent to the existing site has been acquired to ensure adequate space when the wooden stick production line is added. This has increased the value of the assets to be transferred to the joint venture to be established between Mr. Iskander and the approximately LEl.54 million with a further commitment to provide interim loan financing of up to LE240,000. The Committee approved that the Fund take a 40% equity participation in the joint venture,