The issued framework for the planned EGP 200bn sovereign wealth fund (SWF), will come into force immediately, according to a report issued by the Minister of Planning and Administrative Reform, Hala Al-Saeed, on Sunday.
According to the regulations published on Saturday in the Official Gazette, the fund, entitled “Misr Fund” would be an independent body in terms of administration, financing, and legality.
Al-Saeed explained that the SWF aims to contribute to sustainable economic development. According to the regulations, it would mandate with the establishment or capital increase of companies or funds, investing in securities and financial instruments, securing credit facilities, issuing bonds, and other financial and debt instruments.
Additionally, the SWF would be mandated with the purchase, sell, lease, or exploit unused assets, and loan or guarantee investment funds and their affiliated companies.
Furthermore, the minister said that the law allows the fund to establish sub-funds and cooperate with Arab and foreign sovereign funds.
According to the report, the fund’s resources include the EGP 200bn capital, as well as EGP 5bn startup capital for the fund, as well as the unutilised assets which would be transferred to the fund.
Regarding the transfer of ownership of utilised assets – owned by the state or any affiliates – to the fund, the report added it would be conducted upon a presidential decree.