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Egypt has set up its first sovereign wealth fund with an authorized capital of E£200bn ($11.4bn) and a start-up capital of E£5bn ($286mn).
Misr Fund, as the new investment vehicle will be known, will be 100% owned by the government, although the Planning Ministry says it is a “legal entity enjoying administrative and financial independence from the state.” The law establishing the fund was ratified by parliament in July and its implementation regulations were published in the Official Gazette this week.
But short of a string of future mega gas or oil discoveries, Egypt is unlikely to see the sort of surplus of hydrocarbon riches that Gulf countries enjoy. (CONTINUED - 358 WORDS)