(MENAFN) MENA state news agency reported the Egyptian parliament to have granted approval on setting up a USD11 billion sovereign wealth fund.
The news agency explained "the fund aims to contribute to sustainable economic development through management of its funds and assets."
The report noted that the fund is to be eligible to take part in all economic and investment activities, such as the establishment of companies, investing in financial instruments, as well as other debt instruments in Egypt and overseas.
It added that the law accepted a 5 billion Egyptian pound start-up capital for the fund under the title "Egypt Fund", with 1 billion pounds to be transferred immediately from the treasury.
MENAFN1807201800450000ID1097171976
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.