Arab Finance: The Sovereign Fund of Egypt (TSFE) is preparing to expand internationally for the first time through the launch of a sub-fund dedicated to investment across Africa, Minister of Investment and Foreign Trade Mohamed Farid told Asharq Business.

Farid said the fund will focus on key sectors, including banking and non-banking financial services, tourism, healthcare, and education, adding that opportunities are currently being assessed in Kenya, Nigeria, and Côte d'Ivoire.

Locally, the minister revealed that an industrial investment sub-fund is expected to be set up between August and September. This sub-fund has a total target investment of EGP 5 billion.

As per the state's IPO program, Farid noted that the government aims to complete the sale of a stake in Misr Life Insurance Company between June and July. 

TSFE previously appointed EFG Hermes to manage the offering of approximately 20% of Misr Life Insurance's shares on the Egyptian Exchange (EGX).