CAIRO – Egypt’s President Abdel Fattah El Sisi on Sunday directed the Sovereign Fund of Egypt (TSFE) to enhance efforts aimed at achieving the optimal utilization of the state assets, sustainably developing them, maximizing their return, and preserving the capabilities of the current and future generations.
Chairing a high-level meeting on TSFE’s indicators, Sisi described the fund as the ideal investment partner for the private sector in implementing the State Ownership Policy Document.
The meeting grouped Prime Minister Mostafa Madbouli, Head of Egypt’s General Intelligence Service (GIS) Abbas Kamel, Planning Minister Hala El Saeed and TSFE Executive Director Ayman Soliman, Presidential Spokesman Bassam Rady said in a statement.
The meeting reviewed the TSFE activities in the past period, as the fund succeeded in injecting direct investments into several priority sectors to advance the development process, the spokesman added.
Since its establishment, TSFE has contributed to attracting 43% of the total foreign direct investment through 14 projects with a value of about EGP 37 billion, focusing on vital sectors of the Egyptian economy, especially green hydrogen, water desalination, and education, the statement read.
The meeting also mulled TSFE’s efforts to take advantage of government buildings and assets that will be vacated in preparation for moving to the New Administrative Capital, it added.
Sisi was also briefed on a promotional program the fund would launch in Gulf and European countries to promote investment opportunities in Egypt, as well as its investment priorities and targeted projects in various sectors, including green energy, digital transformation, financial services, pharmaceutical industries, vaccines, renewable energy supplies, agricultural reclamation and petrochemicals.
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