Egypt to look overseas for sovereign fund manager

The Egyptian government is planning to hold a global beauty parade to decide who to appoint as the manager of its inaugural sovereign wealth fund (SWF).

The minister of planning, monitoring and administrative reformation, Hala al-Said, announced that a ministerial committee would make the choice and that candidates should apply within the next three weeks.

In addition to appointing an overseas manager for the fund, the government is planning set the fund’s statute according to international standards. A draft has been written, with help from PwC and law firm Baker McKenzie, which the government is to consider before the end of October.

The fund will contain a combination of public sector assets as well as five to six special purpose assets.

The decision to appoint an overseas manager to the fund was welcomed by Egypt’s economists and seen as a way to help increase foreign investment in Egypt’s equity, oil and gold markets.

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