High-ranking government sources have revealed that several executives have left their positions in the Sovereign Fund of Egypt (TSFE).
The sources said to Daily News Egypt that the resigned officials include Abdalla El-Ebiary, Chief Investment Officer; Karim Badr, the executive director of the Egypt Sub-Fund for Utilities and Infrastructure.
Daily News Egypt tried to reach TSFE for comment, with no success.
The Sovereign Fund of Egypt, the state’s investment arm, aims to promote the investment opportunities available in Egypt, stressing that the fund has great opportunities to increase the size of its assets and has an ambitious plan to expand partnerships with the private sector in the fields of renewable energy, water desalination, education, agriculture, financial technology, infrastructure investment management and the tourism facilities sector.
Hala El-Said, Minister of Planning and Economic Development, and Chairperson of the Sovereign Fund of Egypt, revealed last Thursday that the volume of assets managed for the fund amounted to about $12bn, to join the list of the 50 largest sovereign funds.
The Sovereign Fund of Egypt joined the list of the 50 largest sovereign funds in the world. Al-Saeed confirmed that “the fund belongs to the Egyptian people and its main mission is to create opportunities for national and foreign investors and preserve the rights of future generations.”
El-Said indicated that the fund’s plan is in line with Egypt’s Vision 2030 and the 2030 Agenda for Sustainable Development in order to achieve development and spatial justice by investing in various governorates, pointing out that the fund’s board of directors consists of investment expertise, most of whom are independent members.