Egypt establishes sovereign fund
The Egyptian government has moved to establish a sovereign fund as part of reforms intended to boost the economy and shrink unemployment.
Egyptian economists lauded the government’s April 11 approval of a draft law establishing a sovereign fund intended to make use of state assets with a capital of 5 billion Egyptian pounds (about $285 million).
The Egypt Fund, which will be managed by the Ministry of Planning and the Finance Ministry, is seen as a crucial step to benefit from state assets and carry out several infrastructure projects, create job opportunities and reduce the budget deficit.
Al-Anba reported April 12 that at a news conference at the Cabinet headquarters April 11, Minister of Planning and Administrative Reform Hala el-Saeed said that the fund seeks to achieve “sustainable economic development” and to manage state-owned assets “in accordance with the best standards and international rules and in cooperation with all the Arab and international funds as well as various financial institutions.”
Saeed added that the government “is working with a group of regional experts and partners from Arab countries to draw up the bylaws of the fund.”
