Egypt Sovereign Fund to Run Under Ministry of Investment: Egyptian GazetteSource: www.export-egypt.com 10/27/2024, Location: Africa |
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Prime Minister Mostafa Madbouly issued a decree stipulating that The Sovereign Fund of Egypt (TSFE) be affiliated with the Ministry of Investment and External Trade, the Egyptian Gazette said.
The decree also includes changing the fund's name to the Egyptian Sovereign Fund for Investment and Development, implementing President Abdel-Fattah El-Sisi's ratification of the mentioned decree. On 3 October, Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat called for affiliating the fund to the cabinet. The TSFE, established in 2018, serves as a private investment fund to create partnerships with local and foreign private sector investors by designing unique investment products that optimize utilizing state-owned assets. In 2023, the Ministry of Planning, Economic Development, and International Cooperation announced that TSFE ranked 47th among the top 100 sovereign funds globally, with holdings valued at $12 billion, according to the Sovereign Wealth Fund Institute. TSFE aims to deliver sustainable financial returns over the long term through a balanced and diversified portfolio, optimizing risk/return profiles across its investments. It also seeks to generate a positive socioeconomic impact through all its activities. Additionally, TSFE established the Egypt Sub-Fund for Asset Management and Restructuring in September 2022, enabling institutional investors to invest in and purchase shares of state-owned companies, partially or fully, before they are offered for public subscription. Since its inception in 2018 till 2023, TSFE has attracted 43 percent of the total foreign direct investment (FDI), amounting to EGP 37 billion. IPO programme TSFE is also responsible for launching the country’s Initial Public Offering (IPO) programme. CEO of TSFE Ayman Soliman has hinted at the IPO programme relaunch in October. Since its initiation in February 2023, Egypt's IPO programme has attracted $3.5 billion in investments. For the fiscal year 2024/2025, Egypt targets around $2-$2.5 billion from the IPO programme for state-owned companies. |
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