Seeking an efficient mechanism to utilize the state’s unused assets, Egyptian Prime Minister Mostafa Madbouly issued regulations for the country’s first sovereign wealth fund March 2. The 200 billion Egyptian pound ($11.2 billion) sovereign fund, wholly owned by the government, is aimed at contributing to the country’s sustainable development in the long run.

Minister of Planning Hala al-Saeed said March 3 that “the fund is a sovereign investment entity, which is wholly owned by the Arab Republic of Egypt.” The fund’s authorized capital totals 200 billion pounds, while the issued capital stands at 5 billion pounds ($280 million).

“It is designed to contribute to Egypt's sustainable development through the efficient management of its assets according to the world's top standards and rules for the maximization of their value for the nation's future generations,” Saeed said.

In addition to its paid-up capital, the fund will also acquire unused assets from ministries, authorities and other state-run agencies, according to the regulations approved by parliament.