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22 January 2020

Egypt's TSFE, British Actis partner to cooperate in future investment opportunities

The fund seeks to help the state better utilise its assets and attract foreign investments.

The sovereign wealth fund was established in 2018 with paid-in capital of EGP 5 billion ($310 million)/Bloomberg

by Kudakwashe Muzoriwa

The Sovereign Fund of Egypt (TSFE) has agreed to partner with Actis, a UK-based private equity firm to help attract and steer private investment into Egypt as well as to cooperate in energy and infrastructure projects.

The MoU between the two entities allows for partnership in high–profile areas such as energy and infrastructure and is expected to support the TSFE to attract private investment through co-investment with foreign investors in value accretive opportunities serving to unlock the potential of Egypt’s assets and resources.

The sovereign wealth fund, which was established in 2018 with paid-in capital of EGP 5 billion ($310 million) and EGP 200 billion authorised capital, aims to take control of some of the government’s most promising assets in industries such as power and real estate and bring in private investors to develop them.

Reuters reported that TSFE will start off by selling a 25-year concession, owned by the Egyptian Electricity Holding Company, to operate three 4.8GW power plants built by Siemens under a EUR 6 billion ($6.65 billion) deal signed in 2015.

In November 2019, Egypt and the UAE agreed to set up a $20 billion joint investment platform to invest in a range of sectors and assets. The investment platform will be run through TSFE and Abu Dhabi Development Holding Company.


RELATED STORIES: The Sovereign Fund of Egypt Siemens Egyptian Electricity Holding Company foreign direct investment





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