Egypt: Committee formed to run new agency for recovered, seized funds

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Minister of Finance Mohamed Maait said that the government will follow the presidential mandates by doing everything that would strengthen the governance of the state’s financial system and use its resources optimally.

In a statement issued by the Ministry of Finance on Wednesday, after President Abdel Fattah El-Sisi approved the law that establishes an agency for managing and disposing of recovered and seized funds, Maait said that this law creates an agency in the Ministry of Finance that will replace the general administration of recovered funds in the General Authority for Government Services, the Central Administration for Agrarian Reform Resources and Compensations, and the Custodial Liquidation System. This is part of the structural reforms that aim to improve governance, transparency, and sustainable development in state-owned assets. The goal is to effectively support economic stability efforts and keep a safe path to achieve economic goals and meet development needs.

He added that the new agency is a unified organization that will take over the rights and obligations of the General Administration of Recovered Funds, the Central Administration for Agrarian Reform Resources and Compensations, and the Custodial Liquidation Agency. This will ensure the best use of state-owned assets and resources, increase the return on them, and manage and dispose of them properly.

The Minister of Finance said that the law allows hiring companies or entities that specialize in managing some assets that need technical expertise that the new agency does not have. He said that this agency will use modern planning, rules, and methods for managing and disposing of funds in a way that suits their nature and enhances their development.

He said that a committee will be formed, led by the Minister of Finance and including representatives of some ministries, various state agencies, and economic and financial experts, to run this new agency.

The Ministry also said that an executive director will be appointed to manage the agency. His powers will include legalizing the seizure of lands and properties under the agency’s authority and taking actions to remove any violations of funds within the assets and properties mentioned in this law in coordination with the relevant authorities and agencies. He will also create a regularly updated database. The Ministry also stressed that this new agency will manage public funds and may be subject to administrative seizure to exercise its rights.