By: Ahmed Allam

Cairo – Mubasher: Egypt aims to increase the authorised capital of its sovereign wealth fund 'Tharaa' to EGP 1 trillion from EGP 200 billion, the fund’s CEO Ayman Soliman said.

The capital will be increased based on investor demand, Soliman added during a roundtable late on Monday.  

The fund has a paid-in capital of EGP 5 billion, including an amount of EGP 1 billion that has been already transferred, he noted.

The recently-appointed CEO added that the fund is currently in talks with three Arab sovereign wealth funds to explore possible means of cooperation, including a protocol of cooperation, a joint venture, or a joint fund.

The fund is expected to reach an agreement with one or two Arab sovereign funds before the end of 2019, Soliman added.

Egypt’s first-ever sovereign wealth fund plans to support the private sector and generate several investment opportunities in many sectors in the coming period, he remarked.