Cairo – Mubasher: Egypt’s government has approved a bill to launch an EGP 200 billion ($11.34 billion) sovereign wealth fund named ‘Misr [Egypt] Fund’, planning minister Hala Al-Saeed said.

The fund will manage the North African nation’s assets, Al-Saeed added during a press conference on Wednesday. 

In March, the planning ministry had completed the draft law of the fund, the minister noted.

The public business sector ministry had previously stated that it was considering launching a sovereign wealth fund for managing the state-owned firms in line with the government’s plans to float stakes of these companies on the Egyptian Exchange (EGX).