"Planning" announces the accession of the Egypt Fund to the Global Forum of International Sovereign Funds

Economy and stock exchange

The Ministry of Planning, Follow-up and Administrative Reform and the Interim Executive Director of the SFD announced that the Fund has joined the Global Forum of International Sovereign Funds , (IFSWF) After the approval of the Forum to join the newly established Egypt Fund to become a member of the Forum, noting that the international forum includes a number of sovereign funds of more than 30 countries.

The Egyptian Fund, through this membership, accepts the application of the general principles of transparency, investment and risk management of the sovereign funds known as the Santiago Principles, adding that the duration of this type of membership in the Forum is three years after which the sovereign fund becomes full membership after its establishment. Applying the principles of Santiago and committing to annual review by the Forum.

The plan also aims at building a strong and independent sovereign fund through the Ministry's work to establish the Egypt Fund. It works efficiently to attract investments and contribute to the sustainable development of the Egyptian economy by applying the best international standards of transparency, governance and community responsibility.

She pointed out that the Egypt Fund is the first sovereign fund for Egypt, which aims at the sustainable economic development of Egypt's natural resources and assets to maximize its value for future generations, pointing out that the Fund will focus mainly on local investment in new and new companies and areas in the Egyptian economy. From the private sector financial and technical investment to increase the efficiency of some of the assets of the exploited and untapped state to increase the profitability of assets and companies and create jobs in areas of high profitability and sectors and geographic areas are promising to be exploited optimally, William Egypt fund investing with local and foreign private sector through sub-funds and subsidiary companies Mzlla any obstacles that may face investors and workers through advanced and competitive business systems to attract investors to work in various sectors of the Egyptian economy.

For his part, Majid Al Rumaihi, Chairman of the Global Sovereign Funds Forum, said: "Through its membership in the Forum, the Fund will be able to benefit from the diverse expertise of the Forum members when it applies the principles of Santiago. And established internal work based on the best international standards, which will enable the Fund to achieve its objectives successfully.

The Egyptian Fund was established by a special law No. 177 of 2018 and its Articles of Association were issued in February 2019. The President of the Republic was also appointed to form the Board of Directors of the Fund and its General Assembly on May 18th. The Fund works by creating partnerships with the private sector and financial institutions And other sovereign funds, in accordance with the best international standards of transparency, governance, social responsibility and environmental commitment.

The Sovereign Wealth Fund Global Forum is a global organization that is committed to the sovereign wealth fund by promoting the value of governance and good investment management practices by applying the principles of governance, investment and risk management to international sovereign funds known as the Santiago Principles in consultation, And the voluntary commitment to the application of the principles. The Forum also aims at introducing the nature of the activity of international sovereign funds to governments and financial institutions.

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