Egypt’s Sovereign Fund becomes full member -IFSWF
The International Forum of Sovereign Wealth Funds (IFSWF) recognized the Sovereign Fund of Egypt (TSFE) as a full member in addition to Ethiopian Investment Holdings and the Fonds Souverain de Djibouti in role associate members, the forum declared on Tuesday.
IFSWF is a global network of sovereign wealth funds of more 40 countries. The TSFE was an associate member of the IFSWF since 2019. The TSFE voluntarily agrees to sustain the generally accepted principles and practices for governance, investment, and risk management of sovereign wealth funds known as the ‘Santiago Principles’ as it is a full member, according to the IFSWF.
“By applying the principles, IFSWF members demonstrate their commitment to professional, independent, and commercially orientated investment management as they seek to fulfil the mandates set for them by their owners,” said the IFSWF.
“We are delighted to elevate the TSFE to full membership and to welcome EIH and FSD as associate members. These new memberships represent the spread of the sovereign wealth fund model across Africa and the appetite of these institutions to conform to international best governance practices to ensure the best outcomes for their citizens. We hope that the growth of IFSWF’s African membership will help drive cooperation and co-investment between sovereign wealth funds across the continent and around the world,” Acting Chair of the IFSWF Obaid Amrane said.
“The move shows the fund’s pledge to support the Santiago Principles and fulfilment international best practices through its activities. Thereafter, it can be the partner of choice for international and local investors in the Egyptian market in addition to use the fund’s projects as an impetus for change towards more sustainability and transparency.” CEO of the TSFE Ayman Soliman highlighted.
The TSFE was operated in 2018 targeting the attraction of the private investments in markets of Egypt by taking advantage of the Untapped assets that can foster the Egyptian economy. The fund’s investment opportunities are operated by way of a number of sub-funds, including the TSFE Infrastructure and Utilities Sub-Fund, the TSFE Healthcare and Pharmaceuticals Sub-Fund. The sub-funds also include TSFE Tourism, Real Estate and Antiquities Sub-Fund, and TSFE Financial Services and Fintech Sub-Fund.
The TSFE classified 43rd in 2020 among 93 sovereign wealth funds worldwide according to asset size in a set of classification formed by the Sovereign Wealth Fund Institute (SWFI).
