Al-Sisi reviews Egypt’s Sovereign Fund projects, partnerships

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.