Cairo – Mubasher: The Egyptian sovereign fund will start operations within six months until the Council of Representatives approves its regulation, planning minister Hala El-Said said.
The minister noted that the fund would include unused state-owned assets, according to Almal News.
The government has allocated EGP 1 billion this year as the first installment for the fund, she highlighted.
The sovereign fund will be 100% owned by the North African nation, while the partnerships with the local and foreign private sector will be implemented through sub-funds, she indicated.
It is worth noting that the government had approved a bill to launch an EGP 200 billion ($11.34 billion) sovereign wealth fund named ‘Misr [Egypt] Fund’ last week.
