The law, passed by parliament approved a EGP 5 billion start-up capital for the fund called ‘Egypt Fund’ with EGP 1 billion pounds to be transferred immediately from the treasury.
The Egyptian parliament has announced that it has agreed on the is setting up of a sovereign wealth fund with a capital of EGP 200 billion, according to local newswire MENA.
The fund is set to participate in all economic and investment activities, including setting up companies, investing in financial instruments as well as other debt instruments in Egypt and abroad.
No further details were given on when the fund was predicting to reach EGP 200 billion.
The law allowed passed in parliament allow the president to transfer ownership of any unutilised state assets to the fund or any of its subsidiaries.
Khaled Badawi, Egypt’s former Public Enterprise Minister in March said that Egypt was contemplating setting up a sovereign wealth fund to manage state companies it plans to list on the stock exchange.