The Sovereign Fund of Egypt’s (TSFE) Board of Directors has convened its first meeting after a recent reshuffle, headed by Hala El-Said, the Minister of Planning and Economic Development and the Chairperson of TSFE.
The meeting was attended by Ayman Soliman, TSFE CEO, and the members of the Board of Directors, namely Mohamed Abbas Hassan Fayed, CEO and Managing Director of First Abu Dhabi Bank Egypt, and Tarek Zakaria Tawfik, Chairperson of the Cairo Poultry Company and President of the American Chamber of Commerce.
Other attendees included Lobna Helal, former Deputy Governor of the Central Bank, Nidal Assar, CEO and Managing Director of EG Bank; Mohamed Abu Zeid, Legal Advisor to the Minister of Planning and Economic Development; and Sherine El-Sharkawy, First Deputy Minister of Finance for Economic Affairs.
The meeting discussed the status of TSFE investments, as well as the progress of its projects and businesses and its sub-funds.
El-Said said that TSFE aims to create opportunities for national and foreign investors and to preserve the rights of future generations.
She added that TSFE is the state’s investment arm and its plan is aligned with Egypt’s Vision 2030 and the Sustainable Development Agenda 2030.
El-Said praised the efforts of the former Board of Directors members who served at TSFE, namely Nevin Al-Tahiri, Hassan Al-Khatib, and Muhammad Farid. She also thanked the TSFE’s work team, its sub-funds, and the new Board of Directors.
She further asserted that TSFE’s Board of Directors consists of experts in the field of investment, with a majority of independent members.
Established in 2018, TSFE primarily aims to attract private investments to Egypt and encourage joint investment in state-owned assets, in order to increase their value.
TSFE seeks to select investable assets from various state agencies to promote them and jointly invest in them with local and foreign investors.