During a plenary session chaired by Speaker Hisham Badawi, lawmakers approved articles 16 to 20 of the bill, which define the sources of capital and revenue for the agency and the two funds.
Under the approved provisions, the Future of Egypt Sustainable Development Agency's capital will consist of state-allocated movable and immovable assets, wholly owned subsidiaries, equity stakes in partially owned companies, and other assets assigned by the state to support sustainable development zones and national development projects.
The sovereign fund's capital will comprise investment funds and the assets and equity holdings of companies and subsidiary funds under its ownership, while the service fund's capital will include state-allocated assets designated for social support programmes, as well as its investments in affiliated companies and funds.
The legislation stipulates that the value of all transferred assets will be determined according to their market value, based on at least three independent valuations conducted by financial evaluators accredited by the Financial Regulatory Authority (FRA) or the Central Bank of Egypt (CBE). The agency's board may also appoint Egyptian or international consultancy firms to verify asset valuations.
The approved articles also specify the agency's sources of revenue, including fees for services, returns on investments in sustainable development zones, proceeds from managing and developing state-owned assets, dividends from affiliated companies, supervisory and management fees, grants and donations accepted by the board, domestic and foreign loans, fines, and other resources approved by the board or allocated by presidential decree.
The sovereign fund will derive its income primarily from investment returns, profits from affiliated companies and funds, management fees, grants, loans, and other board-approved resources.
Meanwhile, the service fund's revenues will come from returns on its assets and investments, profits from subsidiaries, management fees, grants, loans, and other sources approved by the board or authorized by presidential decree.
The draft law is part of the government's broader plan to establish a legal and financial framework for the FOE, which is tasked with managing sustainable development projects and supporting strategic national initiatives.
Short link: