Egypts sovereign fund inks MoU with Actis to help draw investments

Under the MoU, the two leading financial institutions will collaborate on several areas, mainly energy and infrastructure sectors, according to a statement on Monday.

Moreover, the MoU also will help Egypt’s sovereign wealth fund “attract and steer private investment toward critical sectors for Egypt’s economy, through co-investment with foreign investors in value accretive opportunities serving to unlock the potential of Egypt’s assets and resources,” the statement showed.

The agreement was signed on the sidelines of the UK-Africa Investment Summit, held in London.

This MoU highlights the fund’s potential as a key investment partner in Egypt, given its “flexible investment model and its ability to engage government stakeholders to increase the value added of Egypt’s assets and resources and contribute to strategic sectors’ growth, supporting the implementation of the Egypt 2030 vision for sustainable development,” the Egyptian planning minister, Hala El-Saeed, noted.

Moreover, the UK’s secretary of state for international trade, Elizabeth Truss, said, “This important cooperation agreement will support energy transition and underscores a new chapter for sustainable, high-quality UK investment in key markets such as Egypt.”

The UK-based private equity firm has invested in, established, owned, and operated 116 power projects across Africa, Latin America, and Asia.

The soverign wealth fund’s CEO, Ayman Soliman, commented, “The Sovereign Fund of Egypt had received a strong proposal from Actis, that manifested the growing appetite of leading global financing institutions to support investments into Egypt, endorsing Actis’ proposal to participate in the announced monetisation process of one of the three Siemens-built 4.8GW gas power plants.”

For his part, Actis partner and head for the MENA region, Sherif El-Kholy, said, “Egypt has been one of Actis’ largest and most important markets.

El-Kholy revealed that the company “completed 23 projects in Africa to date, delivering some 4GW of capacity and today has over $1billion committed to the continent.”