Egypt’s Planning and Economic Development Minister and Head of the Sovereign Fund of Egypt Hala el Saeed said that the fund aims at creating opportunities for national and foreign investors and preserving the rights of the next generations.
The fund is considered as the investment arm of the state within Egypt’s 2030 vision and 2023 sustainable development agenda that aim at reaching development and investment justice nationwide, Saeed added.
In a press release, the ministry said that Saeed attended the first meeting of the fund’s board of directors after its re-formation.
The meeting discussed the fund’s investment status and the latest situation of the fund and its sub-funds projects.
The Sovereign Fund of Egypt is a Sovereign wealth fund that established in 2018 by Law No. 177 of 2018 and amended by Law No. 177 of 2020, with the aim of contributing to the financial economic development of Egypt through the management of funds and assets owned or transferred to it, as well as investing in many different economic activities.
The Fund’s Board of Directors consists of a non-executive chairman who is the Minister of Planning and Economic Development, the membership of the executive director of the Fund, and representatives from the Ministry of Planning, Ministry of Finance, the Central Bank of Egypt, and the General Authority for Investment and Free Zones, in addition to seven independent members with experience.