Egypt is preparing legislation to regulate trading and investment in gold-backed funds as it moves to develop a full-fledged gold ecosystem and position itself as a regional hub for refining and certification, Prime Minister Moustafa Madbouly said Wednesday. The government is designing a legal and procedural framework to support the industry, including the establishment of an entity to oversee the domestic gold market. The initiative aims to attract private investment and reduce reliance on foreign facilities for gold certification. "Egypt currently doesn't have an internationally accredited gold refinery, which forces us to send gold abroad for grading," Prime Minister Madbouly said during his weekly press conference. "We're now working on a complete system for the sector, including internationally certified refineries to serve this promising market." The move comes as Egypt looks to diversify its economy and tap into the growing demand for alternative investment instruments, such as commodity-backed funds, amid ongoing currency and inflationary pressures. Attribution: Amwal Al Ghad English
