Egypt targets adding LE50-60B of exploited assets at disposal of Sovereign Fund

CAIRO – 8 June 2020: Egypt’s Sovereign Fund targets about LE 50 to LE 60 billion of exploited and untapped assets to put them at the disposal of the fund,” CEO of the Fund Ayman Soliman said Monday.

Soliman added that the fund is working on preparing a second stage of transferring the exploited and untapped assets.

He also revealed there are preparations for launching 4 sub-funds in the health services and infrastructure sector, the food and agricultural manufacturing sector, the financial services and financial inclusion sector.

Soliman indicated that there are 3 other sub-funds that are being prepared for and will be announced soon.

He pointed out during a press interview with Al-Bawaba News that there is a great cooperation between the fund and the Egyptians abroad, noting that they have very important ideas in many fields resulting from the experience of tens of years, as well as their desire to pump their money in many projects.

CEO of the Fund pointed out that the general assembly of the fund will be called to choose the financial director, present the first closing budget and appoint a female observer in preparation for submitting it to the President of the State and Parliament, after the end of the Corona virus crisis.

The Fund that was established in 2018 placed 43rd among the 93 sovereign wealth funds globally in terms of asset size, in a set of rankings created by the Sovereign Wealth Fund Institute (SWFI).