New private funds law to bring LE3B to coffers: Ministry

CAIRO – 21 June 2017: The newly-approved draft law to benefit from the private funds is expected to bring LE 3 billion to the state coffers every year, deputy Minister of Finance for public treasury Mohamed Moeet said Wednesday.

The Parliament approved Tuesday a draft law submitted by the government to allocate a percentage of the accounts belonging to private funds owned by state entities, and state bodies of special nature to the public treasury.

During the Parliament’s session on the draft law, Minister of Finance Amr El-Garhy stated in the general session that the total value of private funds in Egypt is only LE 33 billion ($ 1.83 billion) and not LE 700 billion ($ 38.89 billion) as propagated through rumors.

Private funds are established by institutions, syndicates, and groups of individuals to give its members pensions, salaries, compensations, and other financial benefits.