TSFE eyes launching industry-oriented sub-fund: ElSaid

Updated 5/14/2024 7:18:00 AM
TSFE eyes launching industry-oriented sub-fund: ElSaid

Arab Finance: The Sovereign Fund of Egypt (TSFE) is currently studying the launch of a new sub-fund, with a specific focus on the industrial sector, Minister of Planning and Economic Development Hala ElSaid stated.

The industrial sector is important in terms of its potential to create jobs, export goods, and establish solid networks with other sectors, ElSaid noted.

TSFE is having an eye on green hydrogen and water desalination projects, as well as new and renewable energy ones, the minister added.

She also pointed out that TSFE is currently exploring a group of industries, in collaboration with the private sector.

It is worth noting that Elsaid revealed during the IFC Day on May 12th that the private sector’s investment share in the country is 40% in the current fiscal year (FY) 2023/2024, and is targeted to reach 50% in the coming FY.

During the event, she mentioned that the private sector's contribution to the country’s gross domestic product (GDP) rose to 71% this year, whereas its share of employment is 80%.

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