Public business sector will be a sovereign fund, Abdel Nour
Minster of Trade and Industry Mounir Fakhry Abdel Nour - YOUM7/Salah Saied

CAIRO: A commissioner will be appointed to observe the public business sector, which will be affiliated to the Egyptian Cabinet, in preparation of being a sovereign fund, Minister of Industry, Local Trade and Investment Mounir Fakhry Abdel Nour said Saturday.

The public business sector, which includes nine holding companies, was affiliated to the Ministry of Investment before it was merged with the Ministry of Industry in Prime Minister Ibrahim Mahlab’s newly formed government.

In his first statement after being sworn in on Saturday, Abdel Nour told Youm7 the Egyptian Financial Supervisory Authority (EFSA) will also be separated from the Ministry of Investment to be an independent body, according to the constitution.

Abdel Nour said he intends to hold a meeting Sunday with the leading officials at the Ministry of Finance to recognize the pending issues in the presence of former Minister of Investment Osama Salah, who served under former Prime Minister Hazem al-Beblawy.

As for the Ministry of Investment, Abdel Nour said he will give priority to increase the rates of foreign investments in Egypt to return to its level before the January 25 Revolution. He also aims to restore the confidence of the Egyptian, Arab, and foreign investors by amending some investment legislations and laws.

Originally published in Youm7.

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