Egypt to set up $11 bln sovereign fund

Egyptian President Abdel Fattah al-Sisi has approved a law to establish an Egyptian sovereign fund with a capital of EGP 200 billion ($11.2 billion),  after it was approved by the country’s parliament.

Under this law, Egypt Fund will be established as a sovereign fund with an independent corporate body, headquartered in Cairo.

The fund aims to contribute to economic development and cooperate with Arab and foreign counterpart funds and financial institutions.

The fund will have an issued capital is EGP 5 billion, of which EGP 1 billion will be paid from the State Treasury at the time of incorporation.

The remainder will be paid in accordance with the investment opportunities plans identified by the Fund within three years from the date of incorporation. The fund will be owned by the state.