Planning, public business sector ministers probe joint coop. in sovereign fund

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Thu, 27 Sep 2018 - 02:51 GMT

FILE – Planning Minister Hala El Saed

FILE – Planning Minister Hala El Saed

CAIRO - 27 September 2018: Minister of Planning, Follow-Up and Administrative Reform Hala el Saed said that Egypt's sovereign wealth fund seeks to maximize the benefit from the unused assets and wealth of the State.

It also targets diversifying the State resources and profit sources, the matter which contributes to decreasing the State budget deficit, she noted.

These remarks came during the meeting held between Saed and Public Business Sector Minister Hisham Tawfiq to probe aspects of joint cooperation in sovereign wealth fund.

The fund aims at developing Egypt's wealth of assets and natural resources in a sustainable way to maximize the value of these resources for the coming generations via contribution in establishing firms and increasing its capital besides investing in the securities listed and not listed in stock markets.

It will also issue bonds and financing instruments besides other debt tools, the minister reiterated, noting that it will provide loans to investment funds and its affiliated firms.

Saed underlined that her ministry published advertisement in newspapers in September on its need to appoint CEO to Egypt's sovereign wealth fund in order to attract the best Egyptian cadres at home and abroad in the field of capital market, investment and managing funds.

The fund's CEO will be responsible of an economic entity that can be able to develop its assets and firms.

Saed further reiterated that a committee specialized with the fund was formed, adding that it groups a number of legal and economic experts who work on outlining the main system of the fund expected to be launched during the first half of October.

For his part, Tawfiq encouraged the idea of the fund which is considered the State's investment arm as it targets achieving long-run investments in the infrastructure and various ventures, the matter which contributes to providing more job opportunities and boosting cooperation between the public and private sectors in investment projects.

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