Egyptian fund manager Beltone Investment Management is set to launch a gold investment fund.
The firm, a subsidiary of Beltone Financial Holding, has received initial approval from Egypt’s Financial Regulatory Authority.
It is now working to satisfy the remaining regulatory requirements in order to launch the fund on the Egyptian Exchange by the end of the current quarter.
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The FRA has established a regulatory framework specifically for investment funds in metals.
This framework includes registries for metal custody service providers and other third parties that will work with the fund on the buying and selling of metals.
According to FRA head Mohamed Farid, the regulation is intended to support the government’s attempt to promote financial and investment inclusion.