The Sovereign Fund of Egypt (TSFE) hopes to raise US$2.5 billion by the end of 2022 in order to fund a number of economic and social development projects.
The fund was formed in late 2019 in order to help the Egyptian government implement its 2030 Vision economic reform plan and is looking to form a number of public private partnerships, echoing the strategy employed by other sovereign wealth funds.
“The fund aims to raise its investment portfolio to EGP30-40 billion (US$2-2.5 billion) by end-2022 and reaching $12 billion within a decade with an ultimate target of $64 billion,” said Ayman Soliman, director-general of TSFE.
Among the recent projects announced by TSFE is a plan to raise $2.5 billion to build 17 solar powered water desalination plants by 2025.
The fund also launched an investment platform for the education sector in July involving a consortium of banks and investment firms.
©2021 funds global mena