Egypt’s Minister of Planning Hala El-Saeed announced that the ministry aims to finish setting the basic regulations of the first sovereign fund within two weeks.
The minister told Amwal Al Ghad that a committee comprising a number of legal experts and economists to formulate the fund’s regulations.
She further noted that The Egypt Fund seeks to maximise the utilisation of unexploited assets and wealth of the state, as well as diversify the sources of state profits and reduce the budget deficit.
The fund will be also developing Egypt’s natural resources in a sustainable manner to maximise the value of these resources for future generations by contributing to the establishment of companies or increasing their capital and investment in securities inside or outside Egypt.
The authorised capital for the fund is 200 billion Egyptian pounds and its issued capital is 5 billion pounds. The capital for the fund may be increased in cash or in any other way stipulated by the law.
El-Saeed added that the head of the new fund will be announce within a maximum period of two months.
