Egypt’s sovereign fund TSFE increases issued capital to 12.5 billion pounds

By Amwal Al Ghad English On Aug 28, 2023

Egypt tourism — The bustling, sprawling metropolis of Cairo on the banks of the River Nile (Photo Credit: Anton Aleksenko)

Egypt’s sovereign wealth fund has raised its issued capital to 12.513 billion Egyptian pounds ($405 million), the official gazette said on Monday.

Founded in 2018, the Sovereign Fund of Egypt (TSFE) was set up with the aim of bringing in private investors to develop Egypt’s promising state-owned assets.

To cover a broader range of investments, TSFE’s strategy relies on a multi-sectoral approach through affiliate subfunds and firms.