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Egypt, France, Malta Sign Agreement to Establish Mediterranean Collaboration Network

The collaboration network aims to crowd in sovereign fund-backed capital with the support and investment participation of sovereign funds. (Reuters)
The collaboration network aims to crowd in sovereign fund-backed capital with the support and investment participation of sovereign funds. (Reuters)
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Egypt, France, Malta Sign Agreement to Establish Mediterranean Collaboration Network

The collaboration network aims to crowd in sovereign fund-backed capital with the support and investment participation of sovereign funds. (Reuters)
The collaboration network aims to crowd in sovereign fund-backed capital with the support and investment participation of sovereign funds. (Reuters)

Malta Government Investments (MGI), the Sovereign Fund of Egypt and Bpifrance, a French national investment bank signed an agreement to establish the “European, Middle East and North Africa Sovereign Wealth Funds Foundation” in Malta, according to a statement by Egypt’s Sovereign Fund on Thursday.

The Foundation aims to lay the basis for a Mediterranean collaboration network between the countries of the Mediterranean Basin region.

It further seeks to serve as a regional platform for members to meet and exchange experiences and available information on investment opportunities to achieve national and sustainable economic development goals in Europe, the Middle East and North Africa.

The network aims to crowd in sovereign fund-backed capital that will help unlock significant private investment flows to de-risk and fund projects or companies in the EMENA area that has an investment funding gap of $700-900 billion, with a special focus on green technology, sustainable development, SMEs and innovation.

The signing, which took place on March 24, was attended by the Permanent Secretary of the Ministry for Economy and Industry (Malta), ambassadors for Egypt, France, Spain, and the Chairman of MGI. CEOs, Managing Directors and high level delegations from Ithmar Capital (Morocco), Kuwait Investment Authority, Cassa Depositi e Prestiti (Italy), Standard Chartered and Boston Consulting Group (BCG) also attended.

Senior officials from the European Investment Bank and the Oman Investment Authority also participated in a two-day summit that was held in Malta at the time.

Ayman Soliman, CEO of the Sovereign Fund of Egypt said: “TSFE’s collaboration with MGI, Bpifrance and COFIDES in establishing the EMENA SWF Foundation emphasizes the fund’s commitment to unlocking the investment potential in Egypt by creating long-term investment partnerships with investors and sovereign wealth funds in the region.”

“Malta Government Investments is very proud to have led in the past two years the setting up of the EMENA (Europe Middle East North Africa) Sovereign Wealth Funds Collaborative Network together with Bpifrance and the Sovereign Fund of Egypt,” said Herald Bonnici, CEO of MGI.

“The EMENA SWF Foundation, based in Malta, is a network of sovereign funds in the region that will discuss and share co-investment opportunities,” he added.

Executive Director of Bpifrance Pascal Lagarde said the agreement marks the beginning of new cooperation between institutions in the EMENA region, the idea of which emerged on the occasion of the 2019 Med 7 Summit in Malta, where the concept of a platform for regional cooperation was discussed between France and Malta.

“For Bpifrance, the EMENA SWF Collaborative Network is an opportunity to bolster its action in the Mediterranean region, favor the economic development of its neighboring countries and generate business opportunities for French companies in the area.”

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US Energy Secretary Says Riyadh and Washington to Sign Civil Nuclear Agreement

US Energy Secretary Chris Wright speaks at the press conference in the Saudi capital Riyadh. Photo: Turki al-Aqaili
US Energy Secretary Chris Wright speaks at the press conference in the Saudi capital Riyadh. Photo: Turki al-Aqaili
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US Energy Secretary Says Riyadh and Washington to Sign Civil Nuclear Agreement

US Energy Secretary Chris Wright speaks at the press conference in the Saudi capital Riyadh. Photo: Turki al-Aqaili
US Energy Secretary Chris Wright speaks at the press conference in the Saudi capital Riyadh. Photo: Turki al-Aqaili

The United States and Saudi Arabia will sign a preliminary agreement on energy cooperation and civilian nuclear technology, US Energy Secretary Chris Wright said on Sunday.

Wright spoke at a press conference in the Saudi capital Riyadh where he arrived from the United Arab Emirates on Saturday as part of a regional tour that will also take him to Qatar.

His visit comes amid world economic turmoil over the tariffs imposed by US President Donald Trump. But Wright said that these tariffs don’t seek to restrict trade, rather they aim for fair and reciprocal trade.

His visit also comes ahead of an expected visit by Trump to the Kingdom, the UAE and Qatar in May to consolidate relations.

The US Energy Secretary told journalists at the Saudi Energy Ministry that Riyadh and Washington were on a "pathway" to reaching an agreement to work together to better develop energy resources and energy infrastructure, in addition to mining cooperation, civilian nuclear technology and energy production.

Wright said further details over a memorandum detailing the energy cooperation between Riyadh and Washington would come later this year.

Saudi Minister of Energy Prince Abdulaziz bin Salman announced last September that the Kingdom is working to develop peaceful uses for nuclear energy across various fields.

In his press conference on Sunday, Wright discussed the meetings he has held in Riyadh. There have “been very wide ranging dialogues for a day and a half now and they're going to continue. We've talked about energy in all aspects of energy. We've talked about mining, critical materials. We've talked about processing in industry. We've talked about climate change. We've talked about human lives and what drives their improvement and how best to achieve those ends,” he said.

On Saturday, Prince Abdulaziz met with Wright at King Abdullah Petroleum Studies and Research Center (KAPSARC) where the US official was briefed on the Center's role in the fields of energy policy research and its transitions, climate change, sustainable transportation, and consultancy services, in addition to the development of models and analytical tools that contribute to finding solutions to current challenges in the energy sector. They also discussed opportunities for cooperation in energy research, exchange of expertise, and strengthening joint research efforts.

Wright said Sunday that he believed “Saudi Arabia will be one of the leading countries in investing in the United States. I think that's a win for the Kingdom here. It's a win for the United States. And for us, most importantly, it's a win for the working class and American citizens to have better job opportunities.”

He added that the “broader objectives” of the US and Saudi Arabia “are prosperity at home and peace abroad.”

Wright also said in response to a question by Asharq Al-Awsat that tariffs are part of Trump's economic agenda.

He said Trump is trying to grow the flow of goods outside the United States into other countries while sustaining imports and engagement with countries from around the world. “So that's a way you could describe this. Fair trade, not restricted trade, just fair trade, reciprocal trade.”

He added that the United States has seen a lot of its intensive industries, particularly energy, move outside of the country and be outsourced somewhere else. “Too many Americans have seen their job opportunities shift overseas.”

“So tariffs are also a way to give a nudge and encourage investment into our country, to make products in our country, to grow economic opportunity and prosperity in America.”