Russian Fund Seeks Energy, Infrastructure Investments in Egypt at Beginning of 2014

A delegation from a Russian sovereign wealth fund is currently visiting Egypt aiming to pump new investments in its market by the beginning of 2014, the Egyptian Investment Minister Osama Saleh told reporters on Sunday.

The Russian fund’s anticipated investments in Egypt are designated for a number of vital sectors, notably agriculture, energy and infrastructure, the minister further stated.

During its visit to Egypt, the Russian delegation had held a meeting with Egyptian officials discussing multiple investment and development enterprises in various sectors, he added.

Minister Saleh said the Russian fund’s investments will make their actual launch in the Egyptian market after the New Year’s holidays.

Elsewhere, the minister stated that the total size of enterprises offered to the GCC investors during the Gulf-Egyptian Investment Forum 2013 – which kicked off last week  – has exceeded US$ 50 billion.

Moreover, he pointed out that the GCC/Egypt Forum had witnessed the injection of fresh investments in the Egyptian market such as the concessional loan agreement  worth 150 million riyals signed by the Saudi Fund for Development (SFD) with Rakha for Agricultural development and Investment in addition to the inception of a new Saudi firm “Chances” to be based in Egypt with capital amounts to 100 million riyals dedicated for the SMEs in the North African country.