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The House of Representatives unanimously approved the bill establishing the "Egyptian Sovereign Fund".
Finance Minister Mohamed Meit said that the bill establishing the "Sovereign Fund" responded to the request of the House of Representatives. Exploitation of lost property, this proposal translated by the government, has accelerated the creation of this fund to exploit the badets of the best possible exploitation, because there are many badets unused and unexploited. "
This fund" provides a free method in the management of these badets, By the Board. "
Dr. Ali Abdel-Aal said: There is no sovereign fund lost at all, and the club
He noted that some deputies are trying to hinder the reform projects.
Dr. Hussain Issa pointed out that "Sovereign Wealth Funds have evolved to dispose of badets rather than debts, and since our badets are overlooked and unused, and the goal is to leverage badets, c & rsquo; Was the fund. "
Commenting on the speech of MP Ziauddin Daoud, who attacked the bill, wondering: m The philosophy of the law was:" Egypt has many potentials promising, as well as multiple sectoral and geographical deficiencies, many of which are solved by increasing investment and steering them towards optimal direction.Investment in Egypt is high for the global average, and even for emerging markets , the volume of current investments is not at all ut at the height of this sectoral and regional performance in Egypt.
It is urgent to create this fund. So, it was Phil "The general policy used to prepare it articulates around a structure for the fund that balances the financial and administrative powers of the state, and the flexibility and the speed of economic entities to make decisions in a purely investment-oriented way. "
Who aims to sustainably develop the wealth of natural resources and resources of Egypt to maximize the value of these resources for future generations by investing in existing badets and enterprises or in new projects and projects. zones, by acquiring exploited and unused badets; Market prices, to create a partnership with private investors, to pump capital and develop advanced management strategies to obtain higher returns and generate more jobs.
The fund's resources are aimed at investing in all areas and sectors, Some of the promising sectors of the petrochemical are the mining industry, metallurgy, tourism and the pharmaceutical industry.
The government aims to strengthen IFAD's involvement in sovereign wealth funds and large financial institutions by injecting capital or providing expertise. He will work Al-Masri Fund to balance investments in the short and medium term, with a focus on long-term investments with a developmental dimension.
The bill included 20 articles, including Article II, which states that a sovereign wealth fund must be created under this law.
Article 3 stipulates that the statutes of the Fund shall be established by a decision of the Prime Minister on the proposal of the competent minister after the approval of the Council of Ministers within 60 days from the date of this Act .
The fourth article provides that the capital of the capital The syndicated capital is 200 billion LE and its capital of 5 billion LE, of which 1 billion will be paid by the Treasury at the time of incorporation, the rest will be paid in accordance with the investment plans presented by the Fund within three years of incorporation.
Article 5 stipulates that the President of the Republic shall transfer to the Fund the ownership of all unexploited state property.
Article VI states that "the objective of the Fund is to transfer ownership of all unused State badets to the Fund." To contribute to sustainable economic development through the management of its badets and its badets and optimize their use in accordance with the best international standards and rules in order to maximize their value for future generations. "
Article VII states that" the Fund shall,
The article IX states that the resources of the Fund shall include the capital of the Fund and the badets transferred to the Fund in accordance with the provisions of this Law, the return on investments of its badets and the operation of its badets, loans and facilities obtained. [19659004] Article X provides that the Fund has an independent budget.
Article 13 of the Fund authorizes the establishment of sub-funds individually or in partnership with Egyptian funds, arab
Articles 15, 16, 17 and 18 include the composition of the Board of Directors and the General Assembly; Regarding the administration.
Wen Article 19 provides that "intra-group transactions and entities wholly-owned by the Fund shall be exempt from taxes, customs duties and other such exemptions not applicable to dividends, the rules of application of which are specified in the Regulations, including the Fund, without prejudice to the exemptions provided for in another law. "
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