Egypt’s Sovereign Fund to partner with Senegalese counterpart

The Sovereign Fund of Egypt (TSFE) aims to cooperate with its Senegalese counterpart to establish a partnership that expands to include all sovereign funds in Africa.

The plan’s outline came during a Saturday meeting between Egypt’s Minister of Planning and Economic Development, Hala El-Said, and Elie Bay, the new Ambassador of Senegal in Cairo.

Bay stressed his country's desire to increase cooperation and trade exchange with Egypt, in line with the deep relations between the two countries. He said that several mutual opportunities for investment are present in Senegal, especially after the oil discoveries that have occurred in recent years.

The ambassador expressed his desire to organise a visit to Egypt for Senegalese businessmen, during which they would be able to identify investment opportunities.

El-Said welcomed the potential visit, and highlighted Egypt's keenness to receive the Senegalese team as soon as possible. She added that it would be an opportunity to inform them of the achievements which have taken place as part of national projects, and the promising investment opportunities provided by the state in all fields.

Ambassador Bay said that Senegal appreciates the extent of the Egyptian state’s accomplishments during the novel coronavirus (COVID-19) crisis, and its success in achieving positive growth indicators.

He praised the Egyptian government’s efforts to control the pandemic, and provide the necessary medical services to its citizens, adding that no coronavirus infections were recorded amongst the Senegalese community in Egypt.

The meeting also reviewed the projects being implemented by the Ministry of Planning and Economic Development, referring to the Information Infrastructure and Spatial Variables Center and its role in following up national projects.

El-Said showcased the role of the National Institute for Governance and Sustainable Development (NIGSD), the ministry’s training arm, and the National Planning Institute (NPI), the ministry’s research arm.

At the same time, the minister highlighted the additional role played by the Central Agency for Public Mobilization and Statistics (CAPMAS) in providing the necessary data for all sectors in the Egyptian state. In this, she referred to the macroeconomic unit that it greatly contributes to shaping economic policies.

El-Said also reviewed the features of Egypt's Vision 2030, and emphasised its consistency with the UN sustainable development goals (SDGs) and the Africa Strategy 2063. This came alongside a review of Egypt's keenness to ensure that its vision is consistent with the goals and visions of the African continent.