Parliament Deputy Speaker Mohamed Abou El-Enein, has approved a government-proposed bill to establish an agency for managing and disposing of recovered and sequestered assets.
During a plenary session of the House, chaired by Dr. Hanafi Gebali, Abou El-Enein highlighted that the bill covers nine types of assets dating back to the 1950s and 1960s, expressing confidence in the Ministry of Finance's ability to efficiently manage these funds.
The Ministry of Planning's studies revealed a preliminary valuation of these unutilized assets at 600 billion Egyptian Pounds (EGP). Abou El-Enein emphasized the importance of separating the new agency from the sovereign apparatus to ensure effective management of the recovered assets.
Further, Abou El-Enein inquired about the fate of assets owned by the governorates, questioning if they would be transferred to the new asset management agency. He pointed out that the disposition of sequestered assets would only occur following a final judicial ruling, underscoring the need to consider this in the management process.
This development comes as part of Egypt's ongoing efforts to optimize the use of national assets and strengthen financial governance. The establishment of the new agency is seen as a critical step towards enhancing the administration of recovered and unutilized assets, promising more efficient economic management in the country.
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