Minister of Planning and Economic Development discusses TSFE’s Role Before Egypt’s Parliament Economic Affairs Committee

TSFE is an investment arm of the state in line with development plans and directions, says Hala El-Said.

H.E. Dr. Hala El-Said, Minister of Planning and Economic Development who also serves as chairperson of Egypt's Sovereign Wealth Fund (TSFE) discussed TSFE’s role in attracting private investment, whether domestic or foreign, in the investment sectors of the projects supervised by the Fund.
This came during a meeting of the Economic Affairs Committee in the House of Representatives, in the presence of MP (Member of Parliament) Muhammad Suleiman, Chairman of the Committee, and with the participation of MPs Muhammad Ali Abdel Hamid and Dr. Nevin Al-Tahri, the committee's two deputies.Moreover, Ayman Suleiman, Executive Director of TSFE, attended the meeting.Dr. Hala El-Said explained during her speech that all laws on sovereign funds in other countries were reviewed when TSFE was established.El-Said confirmed that TSFE is an investment arm of the state that is consistent with the country's development plans and directions.She further noted that TSFE enjoys the flexibility that enables it to move and gain the private sector’s confidence.El-Said pointed out Egypt's keenness to join the International Forum of Sovereign Funds, intending to gain the international community's confidence in the fund.El-Said stressed that when Egypt developed the structural reform plan it focused on the need for a mechanism through which the private sector can deal flexibly.El-Said said that TSFE’s plan aligns with Egypt's Vision 2030 and the 2030 Agenda for Sustainable Development. El-Said noted that TSFE aims to achieve development and spatial justice by investing in the various governorates.El-Said indicated that TSFE’s Board of Directors consists of experts in the field of investment, most of whom are independent members, reviewing the procedures for transferring exploited and unexploited assets to the Fund.El-Said mentioned that TSFE invests in untapped assets, or enters into direct investments, referring to TSFE's subsidiary funds, such as funds in the fields of tourism, real estate investment, facilities, infrastructure, and health services, as well as funds in the fields of digitalization, technology, and financial services.For his part, Ayman Soliman, Executive Director of TSFE, referred to several sectors that the fund aims to attract foreign investment. For example, water desalination projects and renewable energy.He explained that the fund's investment strategy emphasizes the quality and abundance of renewable energy and green energy, and its exploitation to create green hydrogen and other products.Soliman added that the geopolitical crisis the world is currently facing has led to an increase in the price of natural gas.Soliman stressed that Egypt now has an abundance of energy production. This gives it a competitive edge and increases its chances of becoming a regional center for renewable energy and a regional center that exports green fuel.