Egypt to set up 1st sovereign fund by end-2018: al-Saeed

Egypt is set to launch its first sovereign fund by the end of the year and will start a promotional tour in the first half of next year to stimulate private investment, Hala al-Saeed, acting planning minister, said.

In an interview with Bloomberg, al-Saeed said that Egypt’s new investment vessel, to be modeled after sovereign funds in India and Malaysia, will seek to make the best of under-utilised state assets rather than investing surplus oil and gas revenues as Gulf countries do.

The Egypt Fund will have an authorized capital of 200 billion Egyptian pounds ($11.2 billion), and will start with paid-in capital of 5 billion pounds, 20 percent of which will be injected by the government when it is set up.