Egypt’s new sovereign wealth fund, Tharaa, has signed two separate cooperation agreements with the Ministry of Public Enterprise Sector and National Investment Bank (NIB) to maximize the utilization of the state’s assets and lure private investments, Invest-Gate reports.

Both contracts have been inked in the presence of Prime Minister Mostafa Madbouly, with the first coming between Minister of Planning, Monitoring, and Administrative Reform and Tharaa Chairman Hala El Saeed and Minister of Public Enterprise Sector Hisham Tawfik. Meanwhile, the second deal was sealed between the fund’s CEO Ayman Soliman and NIB’s Vice-Chairman and Managing Director Mahmoud Montasser, according to an official statement on November 12.

The fund aims to create a portfolio of state-owned assets available for investment to increase its value. El Saeed asserted that Tharaa is moving forward to activate its investment role by attracting private cash inflows into the state’s diversified assets, and thus, boost its value. This comes in line with the country’s sustainable development goals and the fund’s endeavors to institutionalize the public-private partnerships, job creation, and development of national sources for the present and upcoming generations, she noted.

Tourism, medicine, real estate, and renewable energy sectors come on top of the fund’s portfolio of assets, the minister further added.

Established in 2018, under Law no. 177, Tharaa will operate under specific policies that allow for forging all types of investment partnerships with local, regional, and international institutions across all activities and sectors, in compliance with the global standards of investment, governance, and disclosure.

The fund’s performance will also be monitored by its board of directors and general assembly, which include a group of specialized experts and government officials.