Amlak Sovereign Fund To Have Starting Capital Of $655 M; Minister

A proposed Egyptian sovereign investment fund will start with capital of 5 billion Egyptian pounds ($655 million) beginning from the next fiscal year’s 2015/2016 budget, the state news agency cited the planning minister as saying on Friday.

The Egyptian government had on Thursday approved a proposal to set up the “Amlak” fund, which would act as the state’s investment arm and aims to encourage diversification and support sustainable economic and social development.

Source: Reuters