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The Sovereign Fund of Egypt (TSFE) has appointed Noha Khalil as the new acting CEO, following the resignation of Ayman Soliman in June.
Khalil, who previously held the position of the Chief Strategy and Business Development Officer with the $12 billion fund, was appointed by the Board of Directors to manage the fund’s work until the procedures for appointing the new CEO is complete.
Soliman’s resignation was first reported by Reuters earlier this month after sources confirmed the move was a result of the limited progress made in the privatisation drive that was announced at the start of his tenure five years ago.
On Tuesday, the International Monetary Fund (IMF) softened various conditions of its $8 billion financial support package to Egypt, including allowing the government more time to implement reforms after stressing in July that greater efforts were needed to accelerate the divestment programme and level the field for private firms to do business.
(Writing by Bindu Rai, editing by Seban Scaria)
