CAIRO, Sept 27, 2018 - Egypt's sovereign wealth fund seeks to maximise the benefit from the unused assets and wealth of the state in addition to diversifying the state resources and revenue sources, Minister of Planning, Follow-Up and Administrative Reform Dr Hala el-Saeed said on Thursday. These remarks came during the meeting held between Minister el-Saeed and Public Enterprise Sector Minister Hisham Tawfik to probe aspects of joint co-operation to boost sovereign wealth fund. The fund aims at developing Egypt's wealth of assets and natural resources in a sustainable way to maximise the value of these resources for the coming generations via contribution to the establishment of firms and increasing their capital, besides investing in the securities whether listed or not listed in stock market. It will also issue bonds and financing instruments besides other debt tools, el-Saeed reiterated, noting that it will provide loans to investment funds and their affiliated firms. Minister el-Saeed underlined that her ministry published advertisements in newspapers in September on its need to appoint a CEO to the sovereign wealth fund in order to attract the best Egyptian cadres at home and abroad in the field of capital management and investment. The fund's CEO will be responsible for an economic entity that can be able to develop its assets and firms, she added. She further reiterated that a special committee was formed comprising a number of legal and economic experts to outline the main system of the fund that is expected to be launched during the first half of October. For his part, Minister Tawfik encouraged the idea of the fund which is considered the state's investment arm as it targets achieving long-term investments in the infrastructure and various ventures, which contributes to providing more job opportunities and boosting co-operation between the public and private sectors in investment projects.
