The Sovereign Fund of Egypt (TSFE) which has holdings worth $12 billion, joins 13 Middle East funds in the top 50. This is according to the latest rankings released by public asset tracking agency Sovereign Wealth Fund Institute (SWFI).
The U.S.-based institute ranked the Egyptian fund 12th in the Middle East region.
In this context, H.E. Dr. Hala El-Said, Egypt’s minister of planning and economic development who is also acting as chairperson of the board of directors of TSFE said that the Sovereign Fund belongs to the Egyptian people and that its primary mission is to create opportunities for national and foreign investors and preserve future generations’ rights.
She added that the fund is the state’s investment arm, aiming to promote investment opportunities in Egypt. She stressed that the fund focuses on implementing the state’s strategy to attract investments from the Egyptian and foreign private sectors.
El-Said pointed out that the announcement of TSFE, among the 50 largest sovereign funds in the world, is an indication of the sincerity of the Egyptian vision of asset management.
“It is also an affirmation that we have opportunities to achieve significant economic progress, even if we are struggling through crises due to external factors,” she added.
El-Said indicated that TSFE manages $12 billion in assets.
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El-Said confirmed that the fund has great opportunities to increase its assets and has an ambitious plan to expand partnerships with the private sector in renewable energy, water desalination, education, agriculture, financial technology, infrastructure investment management, and the tourism facilities sector.
The Minister of Planning and Economic Development also pointed out that TSFE’s plan is in line with Egypt’s Vision 2030 and the 2030 Agenda for Sustainable Development.
Additionally, she noted that TSFE’s vision aims to achieve development and spatial justice by investing in the various governorates.
Moreover, El-Said thanked the fund’s work team, the sub-funds, and the board of directors. She stressed that the fund’s board of directors consists of investment experts, most of whom are independent members.
TSFE was established in 2018, It aims to attract private investments to Egypt and encourage joint investment in state-owned assets, to increase their value.
Furthermore, various state agencies are encouraged to select and jointly invest in investable assets. It will do this with specialized local and foreign investors and financial partners.
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