CAIRO, Aug 25 (SEE) –Egypt's Minister of Planning Hala El-Saeed announced on Thursday that a specialised committee of legal and economic experts formed to create the statutes of the newly introduced EGP 200 billion sovereign wealth fund known as the "Egypt Fund".
The committee is expected to establish the fund's articles of association as well as set rules upon which the fund's employees will be selected.
The board of directors of the fund will be headed by the minister of planning and its members will include representatives from the ministries of finance and investment as well as five experts.
The fund will be financed by cash as well as in-kind contributions in the form of under-utilised state-owned assets such as land, buildings, factories and companies.
The fund aims to attract the private sector and domestic and foreign partners to carry out projects that serve the government’s development plans.
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