Egypt’s sovereign fund secures LE25.5B investments in 2021, studies 44 projects worth LE140B

FILE – CEO of Egypt’s Sovereign Wealth Fund Ayman Soliman

CAIRO – September 18, 2022: The Sovereign Fund of Egypt managed, despite global challenges, to implement/sign binding agreements for the implementation of 10 projects during 2021, with total investments of LE 25.5 billion, according to the Executive Director of the Fund, Ayman Soliman.

Soliman pointed out that these investments were injected into the sectors of public services and infrastructure, tourism, real estate investment, antique development, financial services and digital transformation, education and industry.

Soliman also referred to 44 projects with investments of LE 140 billion that are under study, in 7 sectors, clarifying that these sectors are public services and infrastructure, communications, tourism, real estate investment, antiques development, health services, pharmaceutical industries. , agriculture and food industries. , education, as well as a number of other sectors.

He said the fund has joined various global alliances and blocs, reflecting Egypt’s global economic and political weight, opening up new investment and partnership areas, and enhancing the fund’s governance and credibility as an investor.

On September 17, Prime Minister Mostafa Madbouli presided over the first meeting of the General Assembly of the Sovereign Fund of Egypt, in the presence of the Minister of Planning and Economic Development, Hala El-Said, the Minister of Finance, Mohamed Maait, members of the Board of Directors, and officials of the Central Audit Agency.

In this context, the Minister of Planning said that the fund is a sovereign investment fund wholly owned by the State and has an independent legal personality and enjoys financial and administrative independence, and is a person under private law.

He added that its objective is to contribute to sustainable economic development through the administration of its funds and assets, or of the funds and assets of state entities and companies, affiliated or contributed, that the fund is entrusted with its administration, and achieve optimal use. of it in accordance with the best international standards and rules to maximize its value for future generations.

The Planning Minister added that the Fund must cooperate and partner with Arab and foreign counterpart funds and various financial institutions, on a commercial basis, to achieve the specified investment return in accordance with the investment policy of the Fund.

The meeting of the General Assembly witnessed the review and discussion of the proposal for the strategic vision of the fund and the general investment policies in line with its objectives, in addition to considering the annual reports presented by the Board of Directors for the years 2019, 2020 and 2021, as well as discussing and approving the annual financial statements and the auditors’ report for the same years. The meeting also discussed and approved the estimated budget for 2022.

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