Cairo – Mubasher: Egypt's State Council has approved a bill to launch the first Egyptian sovereign wealth fund that will manage the state-run assets.

The bill will outline the legal and functional framework of the EGP 200 billion ($11.34 billion) fund, named ‘Misr [Egypt] Fund’, while its issued capital is forecast to stand at EGP 5 billion, according to local newspaper Al Shorouk.

The bill allows raising the fund’s capital subject to regulatory procedures, the newspaper noted. 

In March, planning minister Hala Al-Saeed announced finalising a draft law of the fund, adding that its launch would be at the end of this year, in addition to making a slew of roadshows in the first half of 2019 in abid to lure private investment portfolios.