PM Chairs 1st General Assembly Meeting of Sovereign Fund of EgyptSource: www.export-egypt.com 9/17/2022, Location: Africa |
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Prime Minister Moustafa Madbouly chaired the first meeting of the General Assembly of the Sovereign Fund of Egypt with Minister of Planning and Economic Development Hala el Said and Finance Minister Mohamed Maait in attendance along with members of the Fund’s Board and officials of the Central Auditing Organization.
The Sovereign Fund of Egypt is a privately managed sovereign investment fund with the objective of attracting private investments to Egypt’s underutilized assets to unlock value and create wealth for future generations and contribute to the sustainable growth of Egypt’s economy, according to the planning minister. Through the creation of partnerships and joint investment opportunities, the Fund provides investors with carefully crafted unique investment products by monetizing Egypt’s wealth of resources, she pointed out, noting that the Fund makes it a point to ensure that its investment policies are compatible with the best known practices related to environmental and social responsibility and the rules of governance. The meeting reviewed the Fund’s strategic vision and general investment policies as well as annual reports submitted by the Board for the fiscal years 2019, 2020, and 2021, in addition to the annual financial statements and the auditors’ report for the same fiscal years. It also took up the estimated budget for FY 2022. Executive Director of the Fund Ayman Soliman said that despite global challenges it succeeded in implementing or signing binding agreements for carrying out 10 projects during 2021 with total investments reaching EGP 25.5 billion in the sectors of utilities and infrastructure, tourism, real estate, antiquities, financial services, digital transformation, education and industry. The Fund is currently studying 44 projects that are expected to be implemented in the next five years with investments worth EGP 140 billion in many sectors including, inter alia, utilities, infrastructure, communications, tourism, real estate, antiquities development, health services, pharmaceuticals, agriculture and food industries and education, he added. He pointed out that the Fund has joined several global alliances and blocs, a matter which reflects Egypt's global economic and political weight and opens up new investment and partnership opportunities in the future. |
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