Egypt issued an official ministerial decree formally establishing a sub-fund of the Sovereign Fund of Egypt (SFE) with a total value of 30 billion pounds for investing in the non-banking financial services sector, according to Hala El Saeed.
Planning minister and chairperson of the Sovereign Fund of Egypt (SFE) announced the sub-fund last week.
It will focus on insurance, microlending, real estate finance and securitization.
It will also be able to establish other funds and companies to develop, offer, and sell e-payment apps and services. The sub-fund will be managed by a five-member board of directors appointed by the SFE’s board to serve for a renewable three-year term.
The SFE has been signalling interest in the sector for the past few months: The fund has been in talks with investors interested in fintech and services that further financial inclusion since at least May. It announced a joint bid with EFG Hermes to take a 76% stake in the Arab Investment Bank.
This isn’t the only sub-fund recently set up by the SFE: The fund announced last week that it has also set up funds covering healthcare, tourism and real estate, and infrastructure
