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Doaa Moneim – Ahram Online
The Egyptian Minister of Finance Mohamed Maait said Egypt is establishing a new pension fund in addition to the sovereign wealth fund.
He told Ahram Onlineat the Euromoney Egypt Conference, which kicked off on Monday; the sovereign wealth fund was targeted to manage £E1.5 trillion over seven years. The two funds would maintain Egypt’s economy in the forthcoming years, he added.
Maait stated that 70% of the capital of the sovereign wealth fund would be invested in governmental projects and the rest in other sectors.
The fund’s director-general and board members had been nominated. It was expected to start operation in October, Maait added.
The capital of the sovereign wealth fund, according to Maait, is £E1 billion and the finance ministry will transfer the capital to the fund within days. The fund will also manage a number of state-owned assets.
