FILE - CEO of Egypt's Sovereign Fund Ayman Soliman
CAIRO - 18 September 2022: Sovereign Fund of Egypt succeeded, despite global challenges, in implementing/signing binding agreements for implementation for 10 projects during 2021, with total investments of LE 25.5 billion, according to the Executive Director of the Fund, Ayman Soliman.
Soliman noted that these investments were pumped in sectors of utilities and infrastructure, tourism, real estate investment, antiquities development, financial services and digital transformation, education and industry.
Soliman also referred to 44 projects with LE 140 billion investments that are under study, in 7 sectors, clarifying that these sectors are utilities and infrastructure, communications, tourism, real estate investment, antiquities development, health services, pharmaceutical industries, agriculture and food industries, education, as well as a number of other sectors.
He said that the fund has joined several global alliances and blocs, which reflects Egypt's global economic and political weight, opens new investment and partnership areas, and enhances the fund's governance and credibility as an investor.
On September 17, Prime Minister Mostafa Madbouli chaired the first meeting of the General Assembly of the Sovereign Fund of Egypt, in the presence of Minister of Planning and Economic Development, Hala El-Said, Minister of Finance, Mohamed Maait, members of the Board of Directors, and officials of the Central Auditing Organization .
In this context, the Minister of Planning said that the fund is a sovereign investment fund wholly owned by the state and has an independent legal personality and enjoys financial and administrative independence, and is a private law person.
She added that it aims to contribute to sustainable economic development through the management of its funds and assets, or the funds and assets of state-owned, affiliated, or contributed entities and companies, which the fund is entrusted with its management, and to achieve optimal utilization of it in accordance with the best international standards and rules to maximize its value for the next generations.
The Minister of Planning added that the Fund should cooperate and partner with Arab and foreign counterpart funds and various financial institutions, on commercial bases, to achieve the investment return specified in accordance with the investment policy of the Fund.
The meeting of the General Assembly witnessed a review and discussion of the fund’s strategic vision proposal and general investment policies in line with its objectives, in addition to considering the annual reports submitted by the Board of Directors for the fiscal years 2019, 2020 and 2021, as well as discussing and approving the annual financial statements and the auditors’ report for the same fiscal years. The meeting also discussed and approved the estimated budget for 2022.