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|12 April, 2018

Egyptian government nods draft law to establish a sovereign wealth fund

The law gives the fund the authority to establish sub-funds and contribute in similar funds.

Golden Tut Change. Egyptian pound coins against a hieroglyphic background. Image for illustrative purposes only.

Golden Tut Change. Egyptian pound coins against a hieroglyphic background. Image for illustrative purposes only.

Getty Images/Adrienne Bresnahan

The Egyptian government approved a draft law to establish a sovereign wealth fund to manage state assets and achieve sustainable development , Planning Minister Hala al-Saeed said.

The minister further noted  that the fund aims to manage and make use of the state’s assets with an authorized capital of 200 billion Egyptian pounds and issued capital of 5 billion pounds.

The bill was referred to the parliament for review and discussion. The law gives the fund the authority to establish sub-funds and contribute in similar funds.

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She added that a unit has been established within the Planning Ministry to follow up and coordinate with other ministries to identify the unused assets. The fund will be managed mainly be the Planning Ministry.

© Amwal Alghad 2018