Director of Sovereign Wealth Fund to be Egyptian: cabinet

CAIRO - 26 July 2019: The Ministry of Planing has denied appointing a foreign executive director for the Egyptian Sovereign Wealth Fund, a rumor that recently spread on social media.

According to a Friday statement by the media center of the cabinet, the ministry said it nominated four Egyptians for the post and will soon announce who would be selected.

The nominees had amounted to 440 before an independent committee of experts chose four in a step to finally pick one.

The Sovereign Wealth Fund will be established to ensure the best use of Egypt’s wealth and natural resources for the future generations, as well as to contribute to the national income, the statement said.

A general assembly headed by the prime minister and a board of directors headed by the minister of planning have already been formed. President Abdel Fatah al-Sisi issues the law of the Sovereign Wealth Fund in August 2018.