Legal, economic experts to develop statute of Egypt's sovereign fund

CAIRO - 23 August 2018: Planning Minister Hala el Saeed said on Thursday that a committee had been formed to work on developing the statute of Egypt's sovereign fund as well as determining the rules by which the fund staff would be selected.

The committee will include a raft of legal and economic experts, Saeed said in a statement.

Saeed stated that the prime minister will issue the fund's statute based on a review of the competent minister after the approval of the Cabinet within 60 days from the date of the implementations of provisions of the fund law.

Planning minister will preside over the fund board of directors, that includes representatives of the Finance Ministry and Investment Ministry as well as five well-experienced cadres, she added.

Earlier, President Abdel Fattah El Sisi issued a Law no. 177/2018 on establishing the fund with a capital of LE 200 billion.