U.K.-based private equity and venture capital firm Actis LLP signed a memorandum of understanding with the Sovereign Fund of Egypt to cooperate on investment opportunities across various sectors in Egypt, including energy and infrastructure.
The MOU backs the fund's goal of fueling private investment in Egypt through co-investment with overseas investors.
Egyptian President Abdel Fattah el-Sisi said in October 2019 that the fund's paid-in capital could increase to up to several trillion Egyptian pounds from 1 billion pounds, Reuters reported. The fund aims to sell a 25-year concession, owned by the Egyptian Electricity Holding Co., to run three 4.8GW power plants built by Siemens under a €6 billion agreement entered into in 2015.
Ayman Soliman, the fund's CEO, said Actis has proposed to take part in the sales process of one of the three plants.
As of Jan. 17, US$1 was equivalent to about 15.83 Egyptian pounds.