Minister of Planning and Administrative Reform Hala El Saeed revealed on the sidelines of Arab Sustainable Development Week on Monday that the government plans to increase the capital of the Sovereign Wealth Fund from EGP 200bn to EGP 1tr by the end of this year and early next year, after the completion of the inventory of state-owned assets.
A company has been selected to evaluate assets according to their current market value, the Minister added.
Egypt’s sovereign fund aims to manage the privately state-owned assets which will be transferred to it. Its authorized capital is EGP 200bn and the issued capital is EGP 5bn.
El Saeed noted that the fund would include partners entering assets such as the National Investment Bank.
She explained that Egypt’s sovereign fund is a means to provide financing to cover the financing gap in addition to increase the participation of the private sector.
She further pointed out that size of the financing gap in Egypt ranges from $ 3 to $ 5bn annually, which is financed by loans.
