Egypt’s newly established Sovereign Wealth Fund “Tharaa” looks to partner with foreign investors for a number of projects offered by the Ministry of Public Enterprises Sector (MPES), Public Enterprises Minister Hisham Tawfik told Daily News Egypt on the sidelines of his participation in the Africa Investment Forum on Saturday.
The offered opportunities are focused on tourism, livestock, real estate, and pharmaceuticals, the minister mentioned. He added that his ministry is awaiting Tharaa’s response regarding the interested foreign investors to take executive steps to establish a new company or a subsidiary trust fund with the contribution of the ministry, Tharaa, and foreign investors.
The motive behind launching Tharaa is to revive inactive economic sectors and enhance investor confidence in the national economy through the state partnership represented in the fund, which creates greater flexibility in overcoming obstacles related to obtaining lisenses and transfer of ownership, Tharaa‘s CEO Ayman Soliman said on 12 November.
It will also support the localisation of industry and technology to create added value within the national economy and increase employment, Tharaa mentioned, adding that the authorised capital of the fund is EGP 200bn. However, Soliman said it may increase to EGP 1trn in the coming period.