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Egyptian sovereign fund attracts investments worth $1.5bn

The money has been invested in 14 projects across key sectors, including desalination

The Sovereign Fund of Egypt has attracted 43 percent of total foreign direct investment, or EGP37 billion ($1.49 billion), since 2018, Ahram Online newspaper reported, citing a statement by Egyptian presidential spokesman Bassam Rady.

The money has been invested in 14 projects across several economic sectors, including green hydrogen, water desalination and education.

“This will help maximise their revenues and protect the resources of the current and coming generations,” President Abdel-Fattah El-Sisi said.

Established in 2018 with EGP200 billion capital, the fund aims to attract private investments into the local market by tapping under-utilised assets.

In 2020, the fund was ranked 43rd among 93 sovereign wealth funds globally in terms of asset size by the Sovereign Wealth Fund Institute.

In September, the sovereign fund’s CEO Ayman Soliman said investments in the infrastructure sub-fund will focus on energy transformation projects, including solar, wind power, green hydrogen and waste-to-energy.