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Sunday, 10 April 2022

SFE plans two investments in financial inclusion + NBFS sectors

SFE to invest in NBFS + financial inclusion companies: The Sovereign Fund of Egypt (SFE) is planning to invest in two companies in the financial inclusion and non-banking financial services sectors before the end of 2Q 2022, SFE head Ayman Soliman told Zawya. The fund will also take a 25% stake in a new financial services firm it is establishing alongside local and Arab investors, he said, without disclosing further details.

Background: The SFE has been eyeing investments in the fintech and financial inclusion sectors — in addition to healthcare services, logistics, food processing and agriculture — since 2020, with plans to use industry-specific sub-funds for the investments.

Also from Soliman:

  • The fund plans to double its AUM to EGP 33 bn by the end of 2022, up from EGP 15-16 bn currently.
  • The SFE has begun receiving bids for the contract to redevelop the site of the former National Democratic Party HQ. At least five groups are reportedly interested in the contract, which will see the land used for a hotel, commercial, and residential project. Companies will be able to bid until the end of this quarter.
  • Garden City incubator + French uni campus afoot: The SFE will this quarter ink an agreement with a consortium of Egyptian and international companies interested in developing space formerly owned by the Interior Ministry in Garden City. The consortium plans to turn the space into a startup incubator, a call center, and a campus for a French university not currently operating in Egypt, Soliman said.
  • A special logistics zone in the Suez Canal region? The fund plans to launch a special logistics zone in the Suez Canal through a joint investment with another local fund, Soliman added, without disclosing further details.

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