Egypt’s sovereign wealth fund inks deals for $1.32bln projects in 2021

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Cairo – CEO of the Sovereign Fund of Egypt (TSFE), Ayman Soliman, said the fund has implemented and signed binding agreements to execute 10 projects worth EGP 25.50 billion during the year 2021, despite global challenges.

The projects cover the sectors of utilities and infrastructure, tourism, real estate investments and antiquities development, financial services and digital transformation, as well as education and industry, according to an official statement.

Moreover, the wealth fund is currently studying a total of 44 projects with investments of EGP 140 billion over the coming five years. These projects cover seven sectors namely, utilities and infrastructure, telecommunication, tourism, real estate investment and antiquities development, healthcare services and pharmaceutical industries, agriculture and food industries, and education, among others, added Soliman.

On Saturday, 17 September, the Egyptian Prime Minister, Mostafa Madbouly, chaired the first ordinary general meeting (OGM) of the sovereign wealth fund. Several Egyptian ministers and top officials attended the meeting.

During the meeting, the fund’s strategy, which was executed through its sub-funds set up in 2020 to operate in the real estate, antiquities development, and tourism segments, was reviewed.

Investments of the infrastructure sub-fund will focus on energy transformation projects, including solar and wind power projects, green hydrogen projects, and waste-to-energy projects (WtE), concluded the statement.

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