Egypt’s President Abdel Fattah El Sisi on Sunday presided over a meeting during which he was offered an account of the overall projects and activities of The Sovereign Fund of Egypt (TSFE).
Attending the meeting were Prime Minister Moustafa Madbouli, and Minister of Planning and Economic Development Hala el-Saeed.
The TSFE seeks to boost the volume of investments, and developing their types, through focusing on sectors of priority to achieve economic growth and advancement, including digitalisation, health, education, industry and agriculture, green hydrogen and water desalination, Presidency Spokesman Ahmed Fahmy said.
In addition, the meeting featured a presentation on the partnerships the TSFE concluded with a host of Arab and global parallel funds, and how they can provide joint investment opportunities. The presentation also highlighted the Egyptian fund’s investment priorities, and the targeted projects in the various sectors over the coming period, Spokesman Fahmy added.
It was noted during the meeting that even though it was established as recently as in 2018 and the following global and regional challenges, the TSFE now ranks among the world’s largest 50 such funds, the spokesman said.
President Sisi gave directives for the TSFE to carry on with boosting its efforts to achieve optimal utilisation of the promising investment opportunities that exist in the country and for developing such opportunities in a thoughtful and sustainable manner in full co-operation with the private sector, Spokesman Fahmy said.
Such efforts, President Sisi noted, aim to optimise the potentials for of the present and the future generations, and to establish such a growing and diversified economic and investment base that leads to the creation of more distinguished job opportunities for citizens, increasing average incomes and raising the standard of living, the spokesman said.
The TSFE aims to drive investment initiatives by utilising a strategically targeted multi-sectoral approach, allowing it to support Egypt’s economic growth and structural reforms that promote private sector engagement in Egypt’s journey towards inclusive sustainable development “Egypt’s Vision 2030”.
This multi-sectoral approach seeks to preserve and enrich Egypt’s wealth including nature, talent, heritage, and scale, making TSFE, the gate to the temple of modern-day Egypt.
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