Egypt to select board for SWF

The board of directors for Egypt’s first ever sovereign wealth fund (SWF) is set to be named in May, according to planning minister Hala Al-Saeed.

An executive manager for the Misr fund will also be chosen from four current candidates that are all Egyptian but only of whom is based in Egypt. The remaining three are currently living in Lebanon, the US and Dubai.

Hala Al-Saeed made the comments during her appearance at the International Conference for Sustainable Agriculture Enhancement.

The fund will be headquartered in Cairo but, once appointed, the board of directors will be able to establish branches in other governorates.

Last month Egypt received a rating boost by Fitch in light of its progress in implementing economic and fiscal reforms. The rating agency Fitch upgraded Egypt to ‘B+’ and gave it a ‘stable’ outlook.

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