TFSE’s authorized capital doubles to LE 400: Prime Minister

CAIRO - 31 August 2023: Prime Minister Mostafa Madbouly doubled the authorized capital of the Sovereign Fund of Egypt to be increased to LE 400 billion, according to a recent Cabinet decision.

Madbouly decided to increase the authorized capital of Egypt’s TFSE by LE 200 billion in a 100 percent increase.

TSFE chair and Planning Minister Hala El Said said in November that the fund’s authorized capital will increase to LE 1 trillion within three years.

Recently, TFSE ranked 47th in the Sovereign Wealth Fund Institute’s list of the 50 largest global sovereign funds. Egypt’s Sovereign Fund was established in 2018, ranked 47th worldwide in the list, and 12th in the Middle East region, with assets amounting to $12 billion.