Egypt to launch sovereign wealth fund in October

Central Bank of Egypt

Egypt’s anticipated sovereign wealth fund will likely start operation in October, finance minister said on Monday.

Egypt plans to establish a new pension fund, Mohamed Maait said at a business conference, explaining that the two funds would maintain the national economy in the forthcoming years.

The sovereign wealth fund is set to manage 1.5 trillion Egyptian pounds (around $91 billion) over seven years, Maait said.

The SWF’s capital is 1 billion pounds and the Ministry of Finance would transfer the capital to the fund “within days”, he added.

The fund’s director-general and board members had been already nominated, the finance minister said.

The fund aims to contribute to sustainable economic development through management of its funds and assets, said former Public Enterprise Minister Khaled Badawi earlier in 2018.

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, Badawi added.