Egypt’s Sovereign Fund Attracted EGP 37 Billion Since 2018, 43% of All Foreign Direct InvestmentSource: www.export-egypt.com 1/1/2023, Location: Africa |
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The Sovereign Fund of Egypt (TSFE) has, since 2018, attracted 43 percent of total foreign direct investment (FDI), or EGP 37 billion, according to a statement by Egyptian Presidential Spokesman Bassam Rady.
The figures were revealed during a meeting between President Abdel-Fattah El-Sisi, Prime Minister Mostafa Madbouly, Head of the General Intelligence Service (GIS) Abbas Kamel, Minister of Planning and Economic Development Hala El-Said and TFSE CEO Ayman Soliman. The money has been invested in 14 projects across a number of important economic sectors, including green hydrogen production, water desalination and education, the statement said. El-Sisi directed the fund to enhance its efforts to ensure optimal use of the state’s assets and properties and their sustainable development. This would help maximise their revenues and protect the resources of the current and coming generations, El-Sisi said. The president also hailed the private sector as the main partner for development, highlighting the TSFE’s role in implementing the State Ownership Policy Document that aims to maximise the role of the private sector. On Thursday, El-Sisi approved the final version of the document, which determines the state's presence in the economy and seeks to enhance the private sector's participation in public investments. Established in 2018 with EGP 200 billion in capital, the TSFE aims to attract private investments into the Egyptian market by tapping underutilised assets that can boost the Egyptian economy. In 2020, the TSFE ranked 43rd among 93 sovereign wealth funds globally in terms of asset size in a set of rankings created by the Sovereign Wealth Fund Institute. In September, TSFE CEO Ayman Soliman said investments in the fund’s infrastructure sub-fund will focus on energy transformation projects, including projects of solar and wind power, as well as green hydrogen and waste-to-energy projects. |
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