The sovereign wealth fund was established in 2018 with paid-in capital of EGP 5 billion ($310 million)/Bloomberg
by Kudakwashe MuzoriwaThe Sovereign Fund of Egypt (TSFE) has agreed to partner with Actis, a UK-based private equity firm to help attract and steer private investment into Egypt as well as to cooperate in energy and infrastructure projects.
The MoU between the two entities allows for partnership in high–profile areas such as energy and infrastructure and is expected to support the TSFE to attract private investment through co-investment with foreign investors in value accretive opportunities serving to unlock the potential of Egypt’s assets and resources.
The sovereign wealth fund, which was established in 2018 with paid-in capital of EGP 5 billion ($310 million) and EGP 200 billion authorised capital, aims to take control of some of the government’s most promising assets in industries such as power and real estate and bring in private investors to develop them.
Reuters reported that TSFE will start off by selling a 25-year concession, owned by the Egyptian Electricity Holding Company, to operate three 4.8GW power plants built by Siemens under a EUR 6 billion ($6.65 billion) deal signed in 2015.
In November 2019, Egypt and the UAE agreed to set up a $20 billion joint investment platform to invest in a range of sectors and assets. The investment platform will be run through TSFE and Abu Dhabi Development Holding Company.
MOST READ
BUSINESS
Fed rate cuts add pressure on Saudi banksBUSINESS
ING Groep plans to sell its Turkish unitBUSINESS
Bahrain considers stake sell in oil assetsBUSINESS
SABB seeks to boost corporate lendingBUSINESS
Dubai’s W Motors seeks funds to go electricBUSINESS
HSBC considering exiting from TurkeyBUSINESS
Zimbabwe turns to UAE to sell a stake in...BUSINESS
Dubai's DP World buys 44 per cent stake in...BUSINESS
Abu Dhabi’s Masdar launches green REIT in UAEBUSINESS
ADIA plans to sell a $2 billion stake in...BUSINESS
Amanat considers stake in VPS HealthcareBUSINESS
ACWA Power expands operations into AzerbaijanBUSINESS
Mashreq Bank provides escrow services to DIFCBUSINESS
ECI, HSBC partner to support UAE businessesBUSINESS
Saudi Arabia’s NCB, Riyad Bank end merger talksBUSINESS
National Bank of Oman to exit from Egypt
CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
Loading More post
