Egypt: Government Approves $11 Bn Sovereign Wealth Fund

Egyptian government approved on Wednesday a draft law to establish a sovereign wealth fund to manage state assets with a capital of LE 200 billion, Planning Minister Hala al-Saeed said. The law gives the fund the authority to establish sub-funds and contribute in similar Arab funds. Saeed said that the fund aims to make use of the state’s unused assets, which amount to 3,000. 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.

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