Malta Government Investments (MGI), The Sovereign Fund of Egypt (TSFE), Bpifrance, and COFIDES are pleased to announce that Growthfund, the National Fund of Greece, has signed a memorandum of understanding in Madrid to become a member of the EMENA Sovereign Wealth Funds Foundation.
Both COFIDES and Growthfund are set to officially sign the deed of the “European, Middle East, and North Africa Sovereign Wealth Funds Foundation” early next year, establishing a Mediterranean collaboration network that will drive investments across the region. This new partnership highlights the commitment of sovereign wealth funds to collaborate on sustainable economic development in Europe, the Middle East, and North Africa.
The EMENA Foundation will serve as a regional platform where members can exchange experiences and share information on investment opportunities to achieve national and regional economic development goals. A key focus will be on pooling sovereign wealth fund-backed capital to unlock private investment flows, helping to de-risk and finance projects in an area with an estimated investment gap of $700-900 billion. Particular emphasis will be placed on sectors such as green technology, sustainable development, SMEs, and innovation.
Malta Government Investments is very proud to have led in the past two years the setting up of the EMENA (Europe, Middle East, and North Africa) Sovereign Wealth Funds Foundation together with Bpifrance and The Sovereign Fund of Egypt, and to welcome today Growthfund, in addition to COFIDES last March in Malta, as new members. The EMENA SWF Foundation, based in Malta, is a network of sovereign funds in the region that will discuss and share co-investment opportunities.
“We are excited that the EMENA family is growing with the joining of Growthfund to further enhance the investment possibilities between us and with other countries in the EMENA region and Africa, especially around the Mediterranean. The area has so much potential with growth opportunities in infrastructure, real sector activities, and digitalization.” said Ayman Soliman, CEO – The Sovereign Fund of Egypt.
“We had a very good EMENA meeting hosted by COFIDES in Madrid. I am pleased to see that our coalition is growing, as Growthfund has joined us as a member. It demonstrates that this initiative answers to a real need. The EMENA is an ambitious project, but our discussions have shown that we have many opportunities. We now need to develop our operational tools to move forward and achieve concrete results.”, said Pascal Lagarde, Executive Director of Bpifrance and Chairman of the Board of the EMENA Foundation.
“We are honoured to host this meeting at COFIDES and willing to continue our strategic partnership with the EMENA Sovereign Wealth Funds Foundation. For COFIDES, this is a strategic partnership to strengthen the Mediterranean region through high-impact investments, with a special focus on green technology, food security, sustainable development, SMEs, and innovation. COFIDES is committed to continuing its partnerships with sovereign wealth funds, key financial players thanks to its stabilizing role through medium and long-term investment strategies. COFIDES is also an active member of the International Forum of Sovereign Wealth Funds (IFSWF) and the One Planet Sovereign Wealth Funds network.”, said José Luis Curbelo, Chairman of COFIDES.
“We are very proud that Growthfund, the National Fund of Greece, joins forces with the EMENA network. We believe that there is a huge potential among SWFs that share the same geography to benefit from a large toolbox of multilateral institutions, co-explore investment projects in the EMENA region, and share experiences and best practices for sustainable development.”, said Gregory D. Dimitriadis, CEO of Growthfund.
Adrian Said, Chairman of Malta Government Investments, said that this is a historic moment for the EMENA region and the culmination of years of hard work by all member organizations. By building on the reports and studies from institutions like the European Investment Bank, we’ve reached a pivotal point for collaboration across the region. Now is the time to institutionalize our efforts and establish an annual Sovereign Wealth Fund Investment Forum, starting in Malta and subsequently across the EMENA region.
The EMENA Sovereign Wealth Fund Foundation aims to continue expanding its collaborative network, crowding in capital from sovereign funds to drive sustainable and impactful investments across the region. With the first EMENA Sovereign Wealth Fund Investment Forum scheduled for Malta in February 2025, the foundation is poised to become a critical driver of economic growth and development throughout Europe, the Middle East, and North Africa.