Since its launch in 2018, TSFE has attracted 43% of Egypt's total foreign direct investment (FDI), amounting to EGP 37 billion.
Prime Minister Mostafa Madbouly has issued a decree to affiliate The Sovereign Fund of Egypt (TSFE) with the Ministry of Investment and Foreign Trade, as reported by the Egyptian Gazette.
The decree also entails a rebranding of the fund, which will now be known as the Egyptian Sovereign Fund for Investment and Development, following President Abdel-Fattah El-Sisi's endorsement.
The reorganization comes after Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat's call on October 3 to position the fund under the cabinet.
Established in 2018, the TSFE is designed to foster partnerships with local and foreign investors, creating innovative investment products to optimize the use of state-owned assets.
According to the Sovereign Wealth Fund Institute, TSFE has gained significant recognition in the global arena, ranking 47th among the top 100 sovereign funds with an asset valuation of $12 billion as of 2023.
The fund's mission includes delivering sustainable financial returns through a well-diversified portfolio and generating positive socioeconomic impacts across its investment activities.
In September 2022, TSFE launched the Egypt Sub-Fund for Asset Management and Restructuring, allowing institutional investors to acquire shares in state-owned enterprises before they are made available for public subscription.
Since its launch in 2018, TSFE has attracted 43% of Egypt's total foreign direct investment (FDI), amounting to EGP 37 billion.
TSFE plays a critical role in the country’s Initial Public Offering (IPO) program. Former CEO Ayman Soliman previously indicated that the IPO program will be relaunched in October.
Current government targets for the program aims to generate between $2-$2.5 billion from state-owned companies for FY2024/2025. Since its revival in February 2023, the IPO initiative has already attracted $3.5 billion in investments.
