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Tuesday, 19 May 2020

Sovereign Fund of Egypt is putting healthcare and pharma storage at the forefront of its sub-fund plans amid covid-19

Sovereign Fund is putting healthcare and pharma storage at the forefront of its sub-fund plans amid covid-19: The covid-19 pandemic has prompted the Sovereign Fund of Egypt (SFE) to recalibrate its priorities for the sub-funds it plans to set up, with healthcare and logistics for the pharma industry currently coming to the forefront. The SFE is also prioritizing electricity, transport, agriculture, and infrastructure for other sub-funds it’s looking to set up, CEO Ayman Soliman said in a meeting with Prime Minister Moustafa Madbouly and Planning Minister Hala El Said, according to a cabinet statement. Soliman didn’t provide further details on the timeline or expected partnerships for these sub-funds.

Background: The SFE has been working to adapt its investment plans in tandem with the development of the pandemic. Last month, Soliman said the fund was preparing a list of potential low-risk investments to present to investors after the outbreak, but didn’t delve into what these investments could include. The SFE previously offered to investors a 70% stake in the three Siemens-built combined-cycle power plants and various military subsidiaries. Ten unspecified military-owned companies were also under study with plans to offer them for co-investment.

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