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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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IMF Policy Committee Underscores Trade Risks to Global Economy, Commits to Fund’s Role

International Monetary Fund (IMF) Managing Director Kristalina Georgieva, right, and International Monetary and Financial Committee (IMFC) chair Saudi Arabia's Finance Minister Mohammed Al-Jadaan speak during a news conference after the International Monetary and Financial Committee (IMFC) meeting, during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, Friday, April 25, 2025. (AP)
International Monetary Fund (IMF) Managing Director Kristalina Georgieva, right, and International Monetary and Financial Committee (IMFC) chair Saudi Arabia's Finance Minister Mohammed Al-Jadaan speak during a news conference after the International Monetary and Financial Committee (IMFC) meeting, during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, Friday, April 25, 2025. (AP)
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IMF Policy Committee Underscores Trade Risks to Global Economy, Commits to Fund’s Role

International Monetary Fund (IMF) Managing Director Kristalina Georgieva, right, and International Monetary and Financial Committee (IMFC) chair Saudi Arabia's Finance Minister Mohammed Al-Jadaan speak during a news conference after the International Monetary and Financial Committee (IMFC) meeting, during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, Friday, April 25, 2025. (AP)
International Monetary Fund (IMF) Managing Director Kristalina Georgieva, right, and International Monetary and Financial Committee (IMFC) chair Saudi Arabia's Finance Minister Mohammed Al-Jadaan speak during a news conference after the International Monetary and Financial Committee (IMFC) meeting, during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, Friday, April 25, 2025. (AP)

International Monetary Fund member countries said on Friday that rising trade tensions were sapping growth and fueling uncertainty as well as market and financial stability risks, but reaffirmed their commitment to the institution as critical to helping countries navigate a difficult environment.

In a chair's statement, the IMF's steering committee also reaffirmed prior foreign exchange commitments and voiced support for a realignment of quotas, or shareholding, that better reflects countries' positions in the global economy.

"The world economy is at a pivotal juncture," the International Monetary and Financial Committee (IMFC) said in a statement as the spring meetings of the IMF and World Bank drew to a close. "Following several years of rising concerns over trade, trade tensions have abruptly soared, fueling elevated uncertainty, market volatility, and risks to growth and financial stability."

The message comes at the end of a tense week for policymakers and investors anxious about US President Donald Trump's moves to upend global trade and his commitment to international institutions.

The IMF on Tuesday slashed its economic forecasts for the US, China and most countries, citing the impact of US tariffs now at 100-year highs and warning that rising trade strife would further slow growth. It forecast global growth of 2.8% for 2025, down half a percentage point from its January forecast.

Saudi Arabia's Finance Minister Mohammed Al-Jadaan, who chairs the International Monetary and Financial Committee (IMFC), said the Fund must continue to focus on its core mandates, including expanding trade and growth.

"Addressing global debt vulnerabilities remains a priority for our members, especially for low-income and vulnerable countries," Al-Jadaan told a news conference in Washington.

IMF Managing Director Kristalina Georgieva acknowledged that the raft of current geopolitical flare-ups, especially Trump's push to redesign world trade with a barrage of tariffs, had distracted from discussions about other pressing challenges, including artificial intelligence, in public and behind closed doors.

She said it was encouraging that members had been able to engage in open conversations and share their views "in a fair space," but said she didn't want to minimize the discord.

"I don't want to sugarcoat - we still have quite a challenging time," she said at the news briefing.

Gathering members to talk about Syria had also given a new sense of urgency and purpose to turning a place of conflict into a stable and economically successful country benefiting the region and the world, Al-Jadaan said.

"It is not just about the money, it's about the work that I and other partners can deliver and capacity development, quality data and timely advice."

Al-Jadaan said trade had been the overriding concern during the meetings but he remained optimistic that solutions could be found after a week of candid and frank discussions.

"Actually today, we are holding in a lot better position than when we started the week. People understand the consequences and are working together in a constructive way to resolve tensions," he said.