Egypt mulls establishment of sovereign wealth fund to bolster industrial investment
Date
5/14/2024 8:03:40 AM
(MENAFN) Dr. Hala Al-Saeed, the Minister of Planning and Economic Development of Egypt, has revealed plans to explore the creation of a sovereign fund dedicated to investing in the industrial sector. Al-Saeed outlined the rationale behind the proposed Sovereign Fund of Egypt, emphasizing its role as the state's investment arm. The establishment of such a fund is envisioned as a mechanism to foster collaboration and attract increased participation from both local and foreign private sectors. The overarching objective is to stimulate investments, diversify financing sources, and advance sustainable development goals by optimizing the utilization of Egypt's existing assets and resources, both exploited and unexploited.
Al-Saeed underscored Egypt's wealth of assets, emphasizing the need to leverage them more effectively to drive economic growth and prosperity. She highlighted the participation of private sector representatives within the Fund's governance structure, indicating a collaborative approach to decision-making and strategic direction.
Speaking at the Golden Triangle Conference, Al-Saeed elucidated the operational framework of the proposed fund. She outlined its mandate to evaluate a spectrum of investment opportunities, ranging from already exploited assets to untapped potential, as well as direct investment prospects. The fund's activities are designed to align with Egypt's Vision 2030, a comprehensive roadmap for national development and economic transformation.
Furthermore, Al-Saeed disclosed plans to explore the establishment of a sub-fund specifically dedicated to the industrial sector. Recognizing its significance in terms of employment generation, export capacity, and its interconnectedness with other sectors, the creation of an industrial sub-fund is deemed a strategic priority. Currently, efforts are underway to identify key industries for potential investment opportunities in collaboration with the private sector.
The proposed establishment of a sovereign fund underscores Egypt's commitment to fostering sustainable economic growth and enhancing its industrial capabilities. By leveraging the expertise and resources of both public and private sectors, the envisioned fund aims to catalyze investments, drive innovation, and propel Egypt towards its development objectives.
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