Egypt’s sovereign fund creates EGP 30bn financial services sub-fund

The Sovereign Fund of Egypt has established a new sub-fund for financial services and digital transformation with an authorised capital of 30 billion Egyptian pounds and an issued capital of 500 pounds million.

The sub-fund was created for a term of 99 years in accordance with a decree issued by the Minister of Planning and Economic Development and the Chairman of the fund, Hala El-Saeed, according to the Official Gazette.

The purpose of the sub-fund is investing in non-banking financial services and financial technology, including insurance, mortgage, financial lease, micro-finance, portfolio management, and securitisation.