The Sovereign Fund of Egypt plans first overseas fund focused on Africa

The Sovereign Fund of Egypt (TSFE) is preparing to expand internationally for the first time through the launch of a sub-fund dedicated to investment across Africa, Minister of Investment and Foreign Trade Mohamed Farid told Asharq Business.

Farid said the fund will focus on key sectors, including banking and non-banking financial services, tourism, healthcare, and education, adding that opportunities are currently being assessed in Kenya, Nigeria, and Côte d'Ivoire.

Locally, the minister revealed that an industrial investment sub-fund is expected to be set up between August and September. This sub-fund has a total target investment of EGP 5 billion.

As per the state's IPO program, Farid noted that the government aims to complete the sale of a stake in Misr Life Insurance Company between June and July.

TSFE previously appointed EFG Hermes to manage the offering of approximately 20% of Misr Life Insurance's shares on the Egyptian Exchange (EGX).