Egypt’s SWF signs deals on EGP 25.5 bln projects in 2021, studies EGP 140 bln projects

Ahram Online , Saturday 17 Sep 2022

The Sovereign Fund of Egypt (TSFE) implemented or signed binding deals to execute 10 projects worth EGP 25.5 billion in 2021, and is studying 44 projects for total investments worth EGP 140 billion over the coming five years, TSFE CEO Ayman Soliman said on Saturday.

Mostafa Madbouly
Egyptian Prime Minister Mostafa Madbouly with several Egyptian ministers and officials during The Sovereign Fund of Egypt (TSFE) on Saturday 17 September, 2022. Photo courtesy of Egyptian cabinet Facebook page.


Prime Minister Mostafa Madbouly chaired today the first general assembly meeting of the TSFE to review the strategic vision of the Fund and the general investment policies that go in line with its goals, said a statement by the Cabinet.

The meeting also approved the estimated budget of 2022 and the annual financial lists.

A total of 10 projects were implemented or signed in 2021, despite global challenges, in utilities and infrastructure, tourism, real estate, antiquities development, financial services, digital transformation, education, and industry, said Soliman.

Projects under study for the next five years are in utilities and infrastructure, tourism, real estate, antiquities development, health services, pharmaceutical industries, agriculture and food industries, education, and other sectors, Soliman added.

The meeting reviewed the Fund’s strategy, implemented through its sub-funds established in 2020, to operate in real estate, tourism, and antiquities development.

Investments of the TSFE’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, the statement said.

Egypt is pursuing green hydrogen and ammonia storage projects in cooperation with international partners amid the country’s plans to become a regional energy hub and its prioritisation of localising green hydrogen production.

Minister of Planning and Economic Development and Chairwoman of the TSFE Hala El-Said said at Saturday’s meeting that the fund has the privilege of cooperating with counterpart Arab and foreign funds and various financial institutions to secure the required investment revenues.

Late in August, the TSFE announced that it has attracted investments worth $3.3 billion from other Arab sovereign funds throughout this year in green hydrogen, tourism, real estate investment, antiquities development, industry, financial services, digital transformation, and education.

Established in 2018 with EGP 200 billion in capital, the Sovereign Fund of Egypt 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.

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