Ethiopia's PM savours victory, Tigrayan leader says war not finished    Dictionary companies choose same word of the year: Pandemic    Enough is enough... uncovering the face of fundamentalism    Q&A: Where are we in the COVID-19 vaccine race?    Egypt's current account deficit widens to $11.2 billion in 2019/20    BREAKING: Egypt says Regeni killer still unknown, investigation to be suspended: Joint statement    1st stage of Egyptian parliament run-off election sees 20% percent voter turnout    Klopp says Liverpool don't have enough players to rotate    Merkel slams state premiers over Christmas hotel opening plan : Sources    FA to investigate social media post by Manchester United's Cavani    Revenues from tax represent over 80 percent of Egypt's state budget – official    Egypt sees economic growth between 2.8-4% in FY2021/22 – minister    NBE: Exchange rates of key global currencies rates Monday 30-11-2020 vs. Egyptian pound    Time is running out for Brexit trade deal, UK minister says    Live score: West Ham United v Aston Villa (English Premier League)    EU starts debate on how best to improve post-Trump U.S. relations, officials say    Egypt reports 358 new coronavirus cases, 15 deaths on Sunday    Egypt's Senate approves new internal bylaws    Brexit unresolved, as EU, UK say big differences remain    Philip Morris Misr says committed to delivering a smoke-free future    Sudan inflation soars, raising spectre of hyperinflation    Egypt's Sisi inspects road projects under construction in Cairo    Cairo, Alexandria, Gharbiya and Luxor record highest coronavirus infection rates, minister    2021 Grammy Awards: List of nominees in top categories    Egypt's interior ministry takes legal action against 5,226 drivers, 483 shops for violating COVID-19 preventive measures    Cairo International Book Fair suspended for five months over coronavirus concerns    US will reduce number of its troop in Iraq, Afghanistan    Asia forms world's biggest trade bloc, a China-backed group excluding U.S    Egypt unveils largest archaeological discovery in 2020 with over 100 intact sarcophagi    Trump says won't blame Egypt for being ‘upset' over GERD dispute with Ethiopia    1st stage of Egypt's parliamentary elections kicks off on Saturday    Global Finance: Egypt's Tarek Amer among the world's top 20 central bank governors    Legend footballer Lionel Messi says he is forced to stay with Barcelona    Egypt, Ethiopia, Sudan to resume Nile dam talks today    Iraqi conglomerate eyes developing land that housed Mubarak-era ruling party HQ    Legend Messi officially wants to leave Barcelona, hands transfer request    The Facebook Preacher's Search for Fame, and Egypt's Economy    Egypt calls on UNSC to address oil spill risks off Yemen coast    Egypt economically strong in face of COVID-19, reforms ongoing: International Cooperation Minister    Arafa Holding reports $144,000 COVID-19-related losses in April    Egypt's efforts in Libya to activate free will of Libyan people: Al-Sisi    Hyksos campaigns were internal takeover, not foreign invaders: study    COVID-19 affects Egypt sporting clubs    COVID-19 will soon turn to seasonal like swine flu: Presidential Health Advisor    ‘Egypt's Support' coalition convenes to discuss its Senate election list    Robbery attempt leads to discovery of Ptolemaic monuments in Qena    Flouting international guidance, Ethiopia unilaterally starts filling its Nile dam    Zaha speaks out after online racial abuse    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Parliament approves ‘Egypt's Fund' with EGP 200bn capital
Initial procedures of collecting funds for Egyptian sovereign fund in Q1 2019, says government sources
Published in Daily News Egypt on 18 - 07 - 2018

The parliament has approved the draft law to establish "Egypt's Fund" with a licensed capital of EGP 200bn and issued capital of EGP 5bn paid from the public treasury.
Member of Parliament (MP) Amr El Gohary, a member of the economic committee, said that the public treasury will pay EGP 1bn when establishing the fund. The rest would be paid according to the investment plan within three years from its establishment.
El Gohary added that according to the law, the state has the right to transfer the ownership of its assets to the fund to invest them.
The fifth article of the law stipulates that the president shall transfer the ownership of any non-utilised assets owned by the state or any other body to the fund. He said that the parliament was hoping to have authority to monitor the work of the fund; however, it was approved that only the Central Auditing Organisation (CAO) would monitor its work.
Former Minister of Finance Amr El Garhy said that no financial resources in the current budget were allocated for contributing to the Egypt sovereign fund; however, the National Investment Bank recently announced injecting EGP 1bn as a contribution to the fund.
Article 11 of the law stipulates that account foremen must audit the accounts of the fund. One of them would be from CAO, and the other would be from the Central Bank of Egypt or the Financial Regulatory Authority (FRA).
The foremen would review the annual and quarterly financial lists. Additionally, a detailed report would be presented to the General Assembly on the activity of the fund, as well as its plan for the next year, in preparation for submitting them to the president within three months from the end of the fiscal year.
The fund aims to contribute to establishing companies, increase their capital, invest in securities that are registered in security markets, as well as the non-registered, in addition to contributing to debt instruments, other securities in and out of Egypt, borrowing and receiving credit facilitations, issuing bonds, funding Sukok, and other debt instruments.
"The main aim of the project is to provide financial resources from the various assets of the state to be invested in, which the fund would manage through borrowing," El Gohary said.
Government sources told Daily News Egypt that the procedures to collect financial funds for Egypt's Fund during the first quarter (Q1) of 2019 will be through official and promotional visits to Arab and European countries that have similar funds.
He added that the bylaws to regulate the work of the fund, as well as appointing a chairperson and a board of directors, will take place within two months.
The sources added that several European countries have launched sovereign funds over the past period to provide necessary financial needs in the sustainable development plan in a way that guarantees attracting more investors, utilising assets, and achieving high growth rates.

Clic here to read the story from its source.