News

Egypt’s SWF to launch four new sub-funds

The Sovereign Fund of Egypt (TSFE) has announced plans to capitalise on investment opportunities as a result of the Covid-19 pandemic by launching four new sub-funds.  The new investment vehicles will focus on four sectors: health, infrastructure, food processing and fintech, said chief executive, Ayman Soliman.  “The TSFE is currently in negotiations with investors and is looking to enter into new partnerships to exploit various state assets to achieve huge investment returns for the local economy,” said Soliman. “Sectors that attract attention of investors in the current circumstances after the spread of the coronavirus pandemic, centred on medical security, food and healthcare.”  In the virtual press conference, Soliman also said that the fund would continue to seek partnerships with private investors in order to help remove huge debts and financial burdens from the state budget.  The sovereign wealth fund, Egypt’s first, was established in late 2019 and has already struck several partnerships with private sector firms.  In January 2020, it signed an MoU with local construction firm Hassan Allam Holding for infrastructure investment and in May 2020, it teamed up with US asset manager Concord International to launch a $300 million healthcare fund. © 2020 funds global mena

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