Sovereign Fund of Egypt seeks stronger co-op with private sector in development efforts

Egypt’s sovereign fund seeks to strengthen its cooperation with the private sector, aiming to boost its participation in development efforts and maximize returns from state-owned assets, said TSFE head Ayman Soliman during the annual meeting of the American Chamber of Commerce in Egypt.

Increasing the private sector’s participation is a state priority, the Sovereign Fund of Egypt (TSFE) head was reported by local media as saying.

Currently, the fund is working on implementing plans to stimulate effective private sector participation, with Soliman stressing the local economy’s competitive advantages in terms of diverse investment opportunities.

The investment climate has been improved due to Egypt’s economic reforms, implemented in 2016, said Abla Abdel Latif - Chair of the Presidential Advisory Council for Economic Development, and the Executive Director and Director of Research of The Egyptian Center for Economic Studies (ECES) - adding that more incentives are required to increase foreign capital inflows.

The ECES chair highlighted the government’s IPO program, but stated that the program was not enough to boost private sector participation in Egypt’s development, adding that one solution would be to stimulate and encourage the private sector to lead development plans and efforts.