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Al-Sisi directs strengthening Egypt’s sovereign fund role to attract investments

Egypt’s President Abdel Fattah Al-Sisi met on Monday with Prime Minister Mostafa Madbouly and Minister of Planning and Economic Development Hala El-Said, to follow up on the development of economic indicators.

During the meeting, the president directed to strengthen the efforts and role of The Sovereign Fund of Egypt to attract investments for the benefit of the national economy, in order to achieve the objectives of the state’s development strategy. The strategy considers the private sector as an essential partner in the development process, in line with the economic reform plan.

The Minister of Planning briefed the president on the future plan of The Sovereign Fund of Egypt during 2023 to attract more investments from other sovereign funds and regional and international investors.

Attracting investments from other sovereign funds represents one of the most important goals for which the fund was established, especially in the sectors of utilities, infrastructure and sea water desalination plants and green hydrogen projects, according to a statement from the presidency.

In addition, the fund established a sub-fund for the offerings to manage and restructure assets.

Investments of the fund includes; utilities, infrastructure, tourism, real estate investment, financial services, digital transformation, education, and industry.

Moreover, El-Said reviewed the updates of economic indicators worldwide in light of their impact on many current international variables, foremost of which is the repercussions of the Russian-Ukrainian crisis and the Coronavirus pandemic.

She explained that Egypt succeeded in achieving a high positive growth rate during fiscal year 2021/22, noting that the Egyptian economy showed safe and balanced performance.

In this regard, the most prominent features of the role of the private sector in the Egyptian economy were presented, as well as the most important contributions of the sectors of economic activities to the gross domestic product, especially manufacturing industries, agriculture, trade, real estate activities, and construction and building.

Furthermore, Al-Sisi directed to continue studying the repercussions of the various international crises on the economic performance locally in order to formulate the expected scenarios to ensure the preservation of the positive track and the economic and financial indicators at the national level, and to overcome any challenges in order to sustain the positive results achieved from the economic reform.

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