Egypt’s sovereign wealth fund, Misr Fund, announced in March with an authorized capital of E£200bn ($12bn) is to inaugurate it operations in October, Finance Minister Muhammad Maait said this week.

The Finance Ministry will shortly provide E£1bn ($60mn) as part of its start-up capital. The fund, whose director and board members have already been appointed (MEES, 8 March), will be involved with managing the long-delayed program of privatizing some 23 state-owned enterprises (MEES, 23 March 2018). (CONTINUED - 75 WORDS)