The Sovereign Fund of Egypt (TSFE), the country’s first sovereign wealth fund, plans to launch more sub-funds before the end of the year, according to a government minister.
This follows the launch of four sub-funds in September for infrastructure and utilities, tourism and real estate, healthcare services and pharmaceutical industries, as well as financial services and digital transformation.
The announcement on developing more sub-funds was made by minister of planning and economic development, Hala El-Saeed, who said that the additional vehicles would be in line with the country’s priorities.
The impact of the coronavirus pandemic has led to a greater focus on specific sectors such as education, health, communications, infrastructure, agriculture, manufacturing and the green economy, stated El-Saeed.
The statement comes in the wake of reports that Saudi Arabia’s Public Investment Fund (PIF) is considering investing in the Egyptian fund. Following a meeting between Saudi state minister Issam bin Saad, Egypt prime minister Moustafa Madbouly and TSFE chief executive, Ayman Soliman, the PIF stated that it is currently studying a number of proposals submitted by TSFE.
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