Egypt to set up $11 bln sovereign wealth fund

Egypt's parliament has approved setting up of a 200 billion Egyptian pounds ($11 billion) sovereign wealth fund, state-owned Middle East News Agency reported on Tuesday.

The "Egypt Fund" will seek to sustainably develop the country's wealth through its assets and natural resources, it added.

The fund will be eligible to participate in all economic and investment activities, including setting up companies, investing in financial instruments, and other debt instruments in Egypt and abroad.

The parliament on Monday passed a law, approving a 5 billion Egyptian pound start-up capital for the fund, the agency said.