The Sovereign Fund of Egypt is different than conventional wealth funds around the world as it invests in untapped assets, not returns of national projects, therefore it would not achieve revenues before five years of operation, said the fund’s CEO Ayman Soliman.
“When we start to achieve the revenues, we target in the next five years, we will invest the money abroad, to achieve return that future generations can benefit from, as is the case with other funds,” he added.
It came on the sidelines of a conference between the government and the private sector organised by the Egyptian Junior Business Association.
Soliman said investors’ demand on investing in local debt instruments has put Egypt on the global investment map, which will attract new investors to new projects prepared to be offered to the private sector.
The fund aims to acquire assets with a total value ranging between EGP 70-80bn in the coming period. Soliman noted that these assets include all economic sectors in the country, and that the fund seeks to maximise their value in partnership with the private sector.