The Egyptian government will launch the Sovereign Wealth Fund in November following meetings and negotiations between the fund’s executive manager Ayman Soliman and Arab and Gulf investors on the fund’s financial structure, according to governmental sources.
The sources added that the government will organize media campaigns including press conferences on the fund’s programs, and that that Soliman will attend the Arab League’s meetings to discuss the fund’s projects and financial contributions, in cooperation with the private sector and gulf countries.
Egypt’s Prime Minister, and Chairman of the General Assembly of the Egyptian Sovereign Fund, Mostafa Madbouly met on Tuesday with Soliman and the Minister of Planning Hala al-Saed, where they discussed measures on running the fund and achieving sustainable development alongside formulating strategies for managing non-exploited state properties.
The SWF is fully owned by the state as an independent juridical entity and is financially and administratively independent. The fund’s headquarters is located at Cairo, and the board of directors can issue decisions to establish branches in other governorates.
The SWF will contribute to Egypt’s sustainable economic development through optimal exploitation of its assets and money according to the international standards and rules.
Edited translation from Al-Masry Al-Youm