CBE: Egypt Mulls Establishing Sovereign Fund to Revamp Public Sector

Egypt is considering to found a Cabinet-run sovereign wealth fund, seeking to revamp the country’s public sector, the central bank governor announced on Monday.

Egypt’s Central Bank (CBE) Governor Hisham Ramez said the proposed sovereign wealth fund is designed to finance the revamping of the public sector companies in accordance with plans to promote production, curb indebtedness and create job opportunities.