The Russian Direct Investment Fund (RDIF) and the Egyptian Ministry of Investment have agreed to bolster investment cooperation between the two countries.

Kirill Dmitriev, CEO of the RDIF, said: “Egypt is a country with major investment potential in a number of sectors and is one of Russia’s key economic partners in the Middle East. I am confident that this new structure will become an invaluable tool to attract foreign investment in the country and it will facilitate greater investment cooperation between Egypt and Russia.”

Within this agreement RDIF will support the creation of an Egyptian investment fund.

RDIF’s investment team will provide comprehensive advice to the Egyptian Ministry of Investment that will involve exchanging expertise in fund establishment, the co-investment model, its management structure, and the investment strategy.

RDIF will also provide support in attracting other international investors to the fund by implementing its own experience in establishing partnerships with the world’s leading sovereign funds.

“We are pleased that several countries have already demonstrated their intention to launch investment funds building on our experience and employ the co-investment model that RDIF operates under, and we are ready to offer them our full support,” added Dmitriev.

The agreement was signed in the presence of Russian President Vladimir Putin and Egyptian President Abdel Fattah El-Sisi.

Russian Direct Investment Fund was established in 2011 to make equity co-investments, primarily in Russia alongside reputable international financial and strategic investors.