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Egypt’s sovereign fund eyes raising capital to EGP 1trln, striking deals with Arab sovereign funds

Egypt’s sovereign fund eyes raising capital to EGP 1trln, striking deals with Arab sovereign funds
The fund has a paid-in capital of EGP 5 billion

By: Ahmed Allam

Cairo – Mubasher: Egypt aims to increase the authorised capital of its sovereign wealth fund 'Tharaa' to EGP 1 trillion from EGP 200 billion, the fund’s CEO Ayman Soliman said.

The capital will be increased based on investor demand, Soliman added during a roundtable late on Monday.  

The fund has a paid-in capital of EGP 5 billion, including an amount of EGP 1 billion that has been already transferred, he noted.

The recently-appointed CEO added that the fund is currently in talks with three Arab sovereign wealth funds to explore possible means of cooperation, including a protocol of cooperation, a joint venture, or a joint fund.

The fund is expected to reach an agreement with one or two Arab sovereign funds before the end of 2019, Soliman added.

Egypt’s first-ever sovereign wealth fund plans to support the private sector and generate several investment opportunities in many sectors in the coming period, he remarked.