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President Abdel Fattah El Sisi

President Sisi endorses law establishing 'Misr Fund'

Mon, August 20, 2018 10:57

CAIRO, Aug 20, 2018 (MENA) - President Abdel Fattah El Sisi endorsed on Monday a law setting up "Misr Fund" after it was approved by the House of Representatives.

Under the law, a sovereign fund, named "Misr Fund" (Egypt Fund), will be established as an independent entity. The fund will be based in Cairo.

The fund will contribute to achieving sustainable economic development through the optimal use of under-utilised state assets in cooperation with correspondent Arab and foreign funds and various financial institutions.

The fund's registered capital is LE200 billion  and its paid-in capital is LE5 billion . The state treasury will pay LE1 out of 5 billion  at the time of the fund's incorporation.

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