The role of Sovereign Funds in the EMENA

Under the leadership of Mr. Adrian Said, Malta Government Investments (MGI) and the Sovereign Fund of Egypt (TSFE), along with Bpifrance and COFIDES, are delighted to announce a significant milestone: the signing of a memorandum of understanding by Growthfund, The National Fund of Greece, in Madrid yesterday, formalizing its membership in the EMENA Foundation.

Both COFIDES and Growthfund are set to finalize the establishment of "The European, Middle East, and North Africa Sovereign Wealth Funds Foundation" in Malta by early next year. This pivotal step lays the groundwork for fostering collaboration across the Mediterranean region.

The EMENA Foundation's primary objective is to serve as a regional hub for its members, facilitating the exchange of experiences and information on investment opportunities. The overarching goal is to advance national and sustainable economic development objectives in Europe, the Middle East, and North Africa. Additionally, the collaborative network seeks to attract sovereign fund-backed capital to catalyze substantial private investment inflows, thereby mitigating risks and financing projects or enterprises in the EMENA region.

Adrian Said, Chairman of MGI, emphasized that the inception of the Sovereign Fund Network stemmed from MGI's initiative. This initiative was prompted by a report from the European Investment Bank, which highlighted the negligible role of sovereign fund investments in the EMENA region.

The collaboration will particularly focus on sectors such as green technology, sustainable development, small and medium-sized enterprises (SMEs), and innovation. It addresses a substantial investment funding gap estimated at USD 700-900 billion in the EMENA area.