CAIRO: Egypt’s cabinet approved Thursday a proposal to establish a sovereign investment fund to develop the state’s assets, Youm7 reported Thursday.
“The fund, named Amlak, will be a state-owned through the National Investment Bank and will work on encouraging diversification and supporting the sustainable economic and social development,” said Planning Minister, Ashraf el-Araby in a statement Thursday.
He added that the aim is to establish a highly effective investment fund that is able to participate with the financial institutions and sovereign international and Arab funds in mega projects.
Some of the state’s assets will be directed to the fund to help achieving profits and fast growth for the state’s funds and assets, said Araby.
The returns from the state’s assets and resources will be entirely used in supporting economic development to ensure the best use of the state’s assets without operating it directly, said Araby.
It will also participate in fixing the budget’s deficit through the growth of the financial flows of the state investment plan instead of considering it a burden on the budget.
to support economic development through returns on the state’s assets and resources.