Egypt sets up Sovereign Wealth Fund Worth $11 billion

SEE – July 18th:Egypt's parliament passed $11 billion sovereign wealth fund according to state news agency on Tuesday.

The law passed by parliament approved a EGP 5 billion start-up capital for the fund called Egypt Fund, with EGP 1 billion to be transferred immediately from the treasury.

The fund will be used in all economic and investment activities, including setting up companies, investing in financial instruments, and other debt instruments in Egypt and abroad

Amr El-Gohary, a member of the parliament's economic committee said the balance from the start-up capital will be paid over three years as part of the government investment plans.

The law allowes the president to transfer ownership of any unutilised state assets to the fund or any of its subsidiaries, The fund a part of economic reforms, is abid to restore capital flows that dried up after 2011that drove away investors and tourists.