CAIRO - 31 March 2022: Malta Government Investments,the Sovereign Fund of Egypt and tnd Bpifrance — a French national investment bank — have signed an agreement to establish the “Institution for Sovereign Wealth Funds in Europe, the Middle East and North Africa” in Malta, which lays the foundation for a network of cooperation between the countries of the Mediterranean Basin region.
The company added in a statement, Thursday, that the Spanish Development Finance Corporation has signed a memorandum of understanding with the three parties with the intention of becoming a member of the Foundation for Sovereign Wealth Funds in Europe, the Middle East and North Africa (EMENA).
The Foundation aims to serve as a regional platform for members to meet and exchange experiences and available information on investment opportunities to achieve national goals and sustainable economic development in Europe, the Middle East and North Africa.
The cooperation network also aims to mobilize private capital with investment support and participation from sovereign funds that will help attract large private investment flows through risk removal to finance projects in the Europe, Middle East and North Africa region, which have an investment financing gap ranging from $700 to $900 billion, with a special focus on projects in the areas of green technology, sustainable development, small and medium-sized enterprises, and innovation.
The agreement was signed on March 24, 2022 and the signing ceremony was witnessed by the Permanent Secretary of the Ministry of Economy and Industry (Malta), the ambassadors of Egypt, France and Spain and the Chairman of the Board of Directors of Malta Government Investments Company (Malta's Sovereign Fund).