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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.
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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.

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