Archaeology
By Ehab Farouk
CAIRO, Nov 12 (Reuters) – Egypt’s sovereign wealth fund is anticipated to increase its authorized capital to as much as a trillion Egyptian pounds ($6215 billion) from 200 billion pounds within three years, depending upon financiers’ hunger, the fund’s executive director said.
Last year, Egypt’s parliament passed a law allotting 5 billion Egyptian pounds of start-up capital for the fund, called the Egypt Fund, with 1 billion pounds to be moved immediately from the treasury.
The law likewise enables the president, who picks the board of directors, to transfer the ownership of any unused state assists to the fund or to any of the fund’s assists or companies.
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