Sovereign Fund of Egypt
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.
The Sovereign Fund of Egypt (TSFE) made the announcement Wednesday.
Prime Minister Mostafa Madbouli said the State is moving forward in adopting plans and proposals that would attract more domestic and foreign investments via ambitious programs meant to propel various economic sectors.
Soliman stated, during the activities of the second day of the CEO Conference, Monday, that the fund owns a portfolio for the education sector with a current value of about LE 500 million.
This came during the activities of the second day of the CEO Conference, Monday.
The minister gave an overview of ongoing projects.
Soliman indicated that the fund’s goal is to reach a volume of LE 30 billion by the end of next year 2022.
That was in IPAs Africa Forum 1 held in Sharm El Sheikh on June 11-14.
The acquisition will be structured as a capital increase that will increase the paid-in capital of the Bank to LE 5 billion, making it compliant with the regulatory requirements of the Egyptian Banking Law.
Minister of Planning and Economic Development Hala al-Said witnesses signing of MoUs between Sovereign Fund of Egypt on one hand and EFG Hermes and GEMS on the other hand. Press Photo
This came in a statement issued by the company, Monday, in response to the stock market’s inquiries regarding the deal to acquire the financial group Hermes and Egypt's sovereign fund of a 76 percent stake in the Arab Investment Bank.