Egypt spends $400bln on infrastructure development

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The Egyptian government has spent around $400 billion on infrastructure to enhance the quality of life for citizens and attract investors, Minister of Planning and Economic Development Hala El-Said unveiled in a statement on November 1st.

The state has pumped huge amounts in investment to provide a convenient infrastructure and legislative environment as a number of laws and regulations were developed, El-Said said.

Moreover, she highlighted that the Sovereign Fund of Egypt (TSFE) acts as a key investment arm of the government.

The fund enters direct investments through integrated partnerships with the private sector; whether local it is local or foreign, she added.

TSFE plays a crucial role in considering the available investment opportunities and turning them into attractive offers for the private sector, El-Said pointed out, adding that the fund is currently eliminating all the burdens faced by local and foreign investors when dealing with the government.

Additionally, the fund usually holds minority stakes to encourage investors and the private sector.