Egypt’s Sovereign Fund (TSFE) has officially been placed under the Ministry of Investment and External Trade, following a decree issued by Prime Minister Mostafa Madbouly. The Egyptian Gazette reported the move as part of ongoing government efforts to strengthen the nation’s investment infrastructure. The decree, ratified by President Abdel Fattah Al-Sisi, also renamed the fund to the “Egyptian Sovereign Fund for Investment and Development,” reflecting a broader mandate to drive sustainable growth across multiple sectors. TSFE was originally created in 2018 as a private investment entity designed to foster partnerships with local and foreign investors, managing state assets to generate long-term financial returns. By optimizing risk/return profiles, the fund has played a pivotal role in attracting foreign direct investment (FDI) into Egypt. The latest move comes after calls from the Minister of Planning, Economic Development, and International Cooperation, Rania A. Al-Mashat, to enhance its operational capacity by affiliating it with the cabinet earlier this month. According to the Sovereign Wealth Fund Institute, TSFE holds assets valued at USD 12 billion, making it the 47th largest sovereign fund globally. Since its inception, the fund has attracted 43 percent of Egypt’s total…
Egypt Sovereign Fund Placed Under Ministry of Investment Following Prime Minister’s Decree
October 29, 2024
