Egypt’s President Abdel Fattah Al-Sisi directed that the Sovereign Fund of Egypt (TSFE) should utilise the state’s assets and develop them in a sustainable manner to maximise the return and to preserve the capabilities of the current and future generations. This came during a meeting on Sunday with Prime Minister Mostafa Madbouly, Head of General Intelligence Abbas Kamel, Minister of Planning and Economic Development Hala El-Said, and Executive Director of the Sovereign Fund of Egypt Ayman Soliman. During the meeting, the president was briefed on the projects and activities of the TSFE to increase the volume of investments to benefit the national economy. Since its establishment, the fund has contributed to attracting 43% of the total foreign direct investment with 14 projects and a value of about EGP 37bn, focusing on several important sectors of the Egyptian economy, especially hydrogen. The partnerships concluded by the TSFE with several Arab and international sovereign funds and their role in providing joint investment opportunities were also presented, in addition to presenting the work plan of the sub-fund for public offerings and the mechanism for implementing the state ownership document to provide diversified and attractive investment opportunities.

Source: Daily News Egypt January 01, 2023 21:42 UTC