Egypt’s SWF signs MoU for infrastructure investment

The newly established sovereign wealth fund (SWF) in Egypt has signed a memorandum of understanding (MoU) with an Egyptian construction firm to jointly invest in infrastructure, water and renewable energy projects in Egypt.

Under the terms of the agreement, both the fund and the construction firm, Hassan Allam Holding (HAH) will work with co-investors locally and internationally to identify potential sustainable investments in greenfield or existing infrastructure, water desalination and treatment plants and renewable energy projects.

The initiative falls under the Egyptian government’s Sustainable Development Egypt Vision 2030.

It also meets the investment objectives of the SWF which was launched in October with the aim of funding government projects and attracting more private investment in state-owned assets.

“This collaboration is the first of many strong steps the SWF is taking to create large specialised projects to be part of an infrastructure sub-fund we are currently establishing,” said the fund’s chief executive Ayman Soliman.

“Together, with the SWF, we will invest in and develop these crucial segments, particularly those in the water, power, and renewable energy sectors, where opportunities abound,” added HAH co-CEO Amr Allam. “We are confident that not only will we lay the groundwork for more fruitful public-private partnerships, but that we will herald both local and foreign investments.”

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