Egypt’s Sovereign Wealth Fund raises partnership between public, private sectors

Egypt’s newly-founded Sovereign Wealth Fund (SWF) was one of the mechanisms the state utilised to increase partnership between the public and private sectors, Planning Minister Hala al-Saeed said on Monday.

Al-Said was delivering a speech on Monday during the U.S.-Egypt Future Prosperity Forum, co-organised by the U.S. Chamber of Commerce in Egypt and the US-Egypt Business Council in the presence of the newly-appointed US Ambassador to Egypt Jonathan Cohen.

Al-Said said two cooperation agreements were signed between the Ministry of Public Enterprise and the National Investment Bank (NIB) to maximise the benefits of state assets and pump more investments from the private sector.

The minister highlighted the state’s legislative and institutional reforms to lure local and foreign investments.

She referred to Egypt’s set up of new industrial complexes nationwide and the completion of the government portal for the unified industrial investment map.

The state realised the importance of achieving administrative reform to improve the institutions’ efficiency as a main element in achieving sustainable development, she pointed out.

Source: MENA