Egypt sovereign fund attracts 43% of all foreign direct investment

The Sovereign Fund of Egypt (TSFE) has attracted 43 percent of total foreign direct investment (FDI) or 37 billion Egyptian pounds since 2018, according to the Presidential Spokesman Bassam Rady’s statement on Sunday.

The statement mentioned the 37 billion pounds has been invested in 14 projects through a number of important economic sectors, such as green hydrogen production, water desalination and education.

The meeting has reviewed the Fund’s efforts to exploit government buildings and assets that will be vacated in preparation for the move to the New Administrative Capital.

President Abdel Fattah al-Sisi has directed to enhance fund’s efforts to ensure optimal use of the state’s assets and properties and their sustainable development, the statement added.

al-Sisi added that this would help to maximise their revenues and protect the resources of the current and coming generations.

It also showed the partnerships that TSFE has conclude with a number of Arab and international sovereign funds and their role in providing joint investment opportunities were also presented.

The president also hailed the private sector as the main partner for development, highlighting the TSFE’s role in implementing the state ownership policy document that aims to maximise the role of the private sector.

On Thursday, El-Sisi approved the final version of the document, which determines the state’s presence in the economy and seeks to enhance the private sector’s participation in public investments.