The Egyptian Ministry of Planning has completed the formation of the Board of Directors of Egypt’s Sovereign Fund, which includes Hala Al-Saeed, the Minister of Planning as a non-executive chairman in addition to representatives of the ministries of planning, finance and investment, as well as 5 independent expertise as members. The issued capital of the fund is LE 5 billion and its authorized capital is LE 200 billion.
The Fund's resources include government assets that will be transferred to the Fund, as well as proceeds and income from investments of the Fund, loans and advances it receives, and the proceeds of issuing bonds and other financial instruments.
It is worth noting that the Egyptian Sovereign Fund (WALID) is not dependent on oil wealth, gas, gold or minerals, compared with large funds such as the Norwegian fund with a trillion-dollar capital or the Kuwaiti sovereign wealth fund estimated at $450 billion. The fund is also an attempt to maximize revenue from these assets that are not economically exploited.
Source: (Al-Arabiya.net, Edited)
