Last Update 10:16
Thursday, 14 November 2019

Egypt's PM follows up on measures to launch sovereign wealth fund

MENA , Monday 14 Oct 2019
PM Madbouly, SWF
Egypt's PM Madbouly holds a meeting with planning minister Hala al-Saeed and SWF officials (Photo Courtesy of Egyptian Cabinet)
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Views: 1218

Prime Minister Mostafa Madbouly, in his capacity as head of the general assembly of Egypt's sovereign wealth fund (SWF), on Monday followed up on measures relevant to launching the fund and the necessary steps to activate it.

This came during a meeting of the general assembly of the SWF in the presence of Minister of Planning and Administrative Development Hala El-Said, Executive Director of the SWF Ayman Mohamed Soliman, and member of the fund's board Counselor Mohamed Aby Zeid.

The fund is a form of active partnership between the government and private sector which aims at achieving sustainable development objectives through drafting necessary strategies to manage unutilised state assets and maximise their use.

The fund represents a sovereign investment fund wholly owned by Egypt, which has an independent legal personality and enjoys financial independence as well as administrative and financial status independent of the state.

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