Egypt’s long awaited sovereign wealth fund will go live in October according to the country’s minister of finance.
Speaking at an industry conference, Mohamed Madit also said that Egypt is looking to establish a national pension fund.
Together the two state-run funds will serve as a critical tool in managing the country’s economy in the forthcoming years, said Madit.
The inaugural SWF is expected to manage $90 billion over the next seven years.
Madit said that 70% of the SWF’s capital will be used to fund governmental projects and manage state-owned assets with the remainder invested in other sectors.
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