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.
“The Sovereign Fund of Egypt is the ideal investment partner for the private sector, which is considered an essential partner in the development process, especially through the fund’s implementation of the state ownership document to enhance the process of private sector participation,” official spokesperson for the presidency Bassam Rady said in a statement.
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 fund’s efforts to exploit government buildings and assets that will be vacated in preparation for moving to the new administrative capital, where the most essential elements of investment attraction are entrepreneurship, administrative, hotel and educational activities, were also reviewed during the meeting.
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.
Rady added that the president was also briefed on the features of the promotional program that the fund intends to launch in many Gulf and European countries regarding investment opportunities in Egypt to enhance the investment map, in addition to the fund’s investment priorities and targeted projects in various sectors during the coming period.
These projects include investing in national projects to convert to green energy and support digital transformation and financial services, as well as localising the industry in several sectors such as pharmaceutical industries, vaccines and renewable energy supplies, in addition to providing investment opportunities in some other promising sectors such as agricultural reclamation and petrochemicals.
Source : Daily News Egypt