Egypt's TSFE Gains International Trust and Fuels Sustainable Development

H.E. Dr. Hala El-Saeed, Minister of Planning and Economic Development, and Chairperson of the Board of The Sovereign Fund of Egypt (TSFE), spearheaded a pivotal meeting with the Planning and Budget Committee of the House of Representatives. The focus was on reviewing the actual implementation report of the state's economic and social development plan for the fiscal year 2022/2023.

Dr. Hala El-Said underscored the significance of the Sovereign Fund as the Egyptian people's investment arm, operating under parliamentary scrutiny. Emphasizing its commitment to maximizing returns from state assets and ensuring their preservation for future generations, she highlighted the Fund's crucial role in developing assets.

Key accomplishments include the transformation of the Ministry of Interior building into a hotel and educational center, along with converting the Cosmic Village land into a comprehensive school complex. Dr. El-Said stressed the Fund's pivotal role as a catalyst for regional and international trust, attracting foreign investors and significantly contributing to Egypt's economic prosperity.

During the meeting, Ayman Soliman, Executive Director of Egypt Sovereign Fund, delivered insights into the Fund's role in forging investment partnerships and driving sustainable development. Soliman emphasized the global significance of sovereign funds in sustaining national income, fostering economic diversification, and ensuring the responsible utilization of existing wealth for future generations.

Highlighting successful initiatives, Soliman discussed the launch of the Green Investment Fund, the Green Hydrogen Program, and strategic partnerships in green investments and renewable energy. He shed light on the Fund's subsidiary, managing multi-issue assets and already making investments worth 3 billion dollars.

Soliman detailed the transformative project of the Cosmic Village in October City, now a thriving school complex resulting from a partnership with private investors. He underscored the Fund's proactive engagement in water desalination, local industry support, and ongoing efforts in key sectors such as infrastructure and technology.

In conclusion, Soliman revealed that by 2023, the Fund had successfully executed 16 projects, totaling 48 billion EGP in investments. These endeavors, spanning infrastructure, education, and banking sectors, exemplify the Fund's steadfast commitment to sustainable development and economic growth.

The Ministry of Planning and Economic Development reaffirms its dedication to advancing Egypt's socio-economic landscape through strategic investments and robust partnerships, solidifying the Sovereign Fund's crucial role in the nation's prosperity.