Minister of Housing, Utilities, and Urban Communities Assem El Gazzar and The Sovereign Fund of Egypt (TSFE) Chairperson Hala El Saeed have discussed means of cooperation in several national developments, at a combined cost of EGP 30 bn, Invest-Gate reports.

During the meeting, held in early September, both parties explored ways to avail of assets transferred from the state to TSFE, including Tahrir Square, which is among the first assets to be developed within the ambitious scheme for redesigning Khedivial Cairo, according to a recent ministerial statement.

Further, while teaming up with local and international investors, TSFE Infrastructure and Utilities Sub-Fund will contribute to the implementation of phase I of potable water and sanitation projects within the current five-year plan, intending for a desalination capacity of up to 14 mn cubic meters of water per day.

According to El Saeed, cooperation with the housing ministry aims at tapping the potential of state-owned assets to scale up the government’s financial resources, adding that the fund would be the general developer of these assets, in partnership with international and local investors.

On September 6, El Saeed, who is also Egypt’s planning minister, had issued a ministerial decree to formally establish an EGP 30 bn sub-fund, affiliated to TSFE, and dedicated to covering the non-banking financial services sector, as highlighted in a separate official statement.