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Egypt’s sovereign fund says 44 projects worth $7.3bn under study

Reuters/Amr Abdallah Dalsh
Egypt's sovereign fund has signed binding agreements for 10 projects in 2021 worth EGP 25.5 billion.

Sovereign Fund of Egypt is currently studying 44 projects worth EGP 140 billion ($7.34 billion) in seven sectors, the Egypt Times newspaper reported, citing the fund’s executive director Ayman Soliman.

The fund last year signed binding agreements for 10 projects worth EGP 25.5 billion ($1.34 billion), he said.

The investments are in utilities and infrastructure, tourism, real estate investment, antiquities development, financial services and digital transformation, education and industry sectors.

In March, the International Monetary Fund announced that Egypt had requested a new financial support programme, but needed to make “decisive progress” on fiscal and structural reform.

Egypt has suffered economic shocks repeatedly, including at the onset of the COVID-19 pandemic and after Russia invaded Ukraine.

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