Hala El-Said, Minister of Planning and Economic Development and Chairperson of the Sovereign Fund of Egypt (TSFE), met with Philip Hildebrand, Vice President of the American investment management company BlackRock, on the sidelines of the former’s participation in the 53rd annual meeting of the World Economic Forum in Davos.
During the meeting, El-Said reviewed the details of the promotional tour that the fund will carry out, which is one of the mechanisms to strengthen partnership with the local and foreign private sector, as it is the investment arm of the Egyptian state.
El-Said referred to the role of the Sovereign Fund of Egypt in the field of climate change, which supports the state’s orientation to shift to green projects, pointing to the fund’s establishment of green hydrogen and ammonia production projects in partnership with a number of specialized international companies, and water desalination projects, in addition to signing with the Norwegian Investment Fund and the Scatec company for cooperation in the field of developing renewable energy projects, green hydrogen and green infrastructure in a number of countries, as well as the signing of the fund, during Egypt’s hosting of COP27, an agreement with an alliance of the private sector to establish the first carbon fund.
El-Said also discussed with the Vice President of BlackRock; Ways of cooperation of the Sovereign Fund of Egypt with the company, especially in the field of green transformation.
BlackRock is the largest institution in the world for asset management and investment, with assets under management amounting to about $ 10trn and it is an American multinational company headquartered in New York City.