Egypt’s Finance Ministry will allocate LE3 billion in the next fiscal year's budget (2015/16) to establish the state’s assets management fund, the planning minister announced, according to daily business newspaper Al Mal.
The state-owned fund will manage the state’s unused assets, the Planning Minister Ashraf al-Araby said. "It will be formally announced soon for its foundation and will be fully owned by the state," he added.
On Saturday, the assets management committee, headed by Investment Minister Ashraf Salman, has decided to stop the sale of productive assets or lines in 125 business sector companies in order to implement a restructuring plan, which aims to develop the public business sector and maximize its contribution to the national economy.
