Minister of Planning Reviews Progress on Establishing Industrial Sovereign Fund

H.E.Dr. Hala El-Said, Minister of Planning and Economic Development and Chairwoman of the Board of Directors of the Egypt Sovereign Fund, met with the fund's team and legal advisor Mohamed Aba Zaid to follow up on the latest developments in the fund's activities.

During the meeting, Ayman Soliman, the fund's executive director, reviewed the progress of several projects that the fund and its sub-funds are working on. He also presented a study on the establishment of the sub-fund dedicated to the industrial sector.

During the meeting, El-Said emphasized the need to finalize the concept of the industrial sub-fund so that it can be ready for presentation to the fund's board of directors.

El-Said confirmed that the new fund will focus on building partnerships with major entities, institutions, and companies in the industrial sector to support the drive towards manufacturing, provide local alternatives, and localize technological industries. She explained that the National Egyptian Railway Industries Company (NERIC) will be the main cornerstone for the launch of the new fund. Partnerships will also be formed with recent initiatives aimed at developing the industrial sector, foremost among them the "Ebdaa" (Start) initiative and the "San3" (Manufacture) initiative. Additionally, the fund will attract investments in the industrial sector through international investment funds and the The Sovereign Fund of Egypt (TSFE) partners.