Cairo – Mubasher: Egyptian President Abdel Fatah El-Sisi has ratified new law No. 177 of 2018 for the establishment of a new sovereign wealth fund under the name “Egypt Fund”.
The law was published on Sunday in the official Gazette.
With an authorised capital of EGP 200 billion ($11.2 billion), the fund will have a paid-up capital of EGP 5 billion, 20% of which will be offered by the government once the fund is set up.
Earlier in march, the business sector minister said that Egypt was studying the possibility of launching a sovereign wealth fund to manage public companies, ahead of listing several of them in the bourse.
In April, minister of planning and administrative reform Hala El-Saeed said that the Egyptian government had approved a draft law to establish the "Egypt Fund" at EGP 200 billion in capital.
