Egypt’s sovereign wealth fund joins IFSWF

Egypt’s newly-founded Sovereign Wealth Fund (SWF) has joined the International Forum of Sovereign Wealth Funds (IFSWF) as an associate member, the forum announced on Sunday.

Associate membership of the IFSWF is granted for three years and will require the Egyptian fund to implement the Santiago Principles, which consist of 24 principles to promote transparency, good governance, accountability, and prudent investment practices for SWFs.

“Joining the IFSWF will give several privileges for the Egyptian fund. It sends a positive message to Egypt’s potential investment partners,” said Egyptian Planning Minister Hala al-Saeed.

Majed Al Romaithi, IFSWF’s chair, said the Egyptian Fund can benefit from the diverse collective experiences of IFSWF’s members as it applies the Santiago Principles to its own unique circumstances.

Founded in 2018, Egypt Fund is the first of its kind that aims to contribute the sustainable economic development of the country by managing its assets and maximising their value for future generations.

The fund will be eligible to participate in all economic and investment activities, including setting up companies and investing in financial instruments and other debt instruments in Egypt and abroad.

It can also provide loans or guarantee the affiliated investment funds and companies.

Established in 2009 in London, the IFSWF is a nonprofit international group of sovereign wealth funds managers.