The Sovereign Fund of Egypt (TSFE) is keen to cooperate with the private sector to maximise the return from state-owned assets, said CEO Ayman Soliman.

“This is a top priority for the Egyptian state,” Daily News Egypt newspaper reported Soliman as saying at the annual American Chamber of Commerce conference in Egypt.

TSFE is executing plans to stimulate participation with all parties and institutions, he stated, adding diversity of investment opportunities promotes the flow of foreign capital.

Abla Abdel Latif, Chair of the Presidential Advisory Council for Economic Development and the Executive Director and Director of Research of The Egyptian Center for Economic Studies, said offering shares of about 32 government-affiliated companies was “not enough to enhance private-sector participation in development”.

She, however, called for encouraging the private sector to lead development plans to drive growth.

In February, Egypt announced plans to sell stakes in 32 state-owned companies, including three banks and two military-owned companies, by March 2024.

(Editing by Seban Scaria )