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).