Minister of Investment and Foreign Trade Mohamed Farid announced on Tuesday the launch of a sovereign industrial investment fund and a separate fund for African investments.
The announcement came during a meeting with Prime Minister Mostafa Madbouly. The industrial fund will target sectors including machinery, low-voltage electric vehicle batteries, pharmaceuticals, packaging and phosphate fertilisers to localise industry and boost exports.
The African fund aims to support Egyptian companies' expansion on the continent and attract partners. Farid also outlined a national exports initiative from governorates along with new platforms for financial data and investor complaints.