The new Sovereign Fund in Egypt, the "Egypt Fund", will gather money to fund a number of projects that will seek to improve the economic situation in the country.
The Ministry of Planning, Monitoring and Administrative Reform in Egypt said that a competent committee has been formed including a number of legal experts and economists to work on setting a statute of Egypt’s sovereign fund.
The ministry added, in a statement, that the statute will be issued by virtue of a decision from the prime minister. It continued that the board of directors will be chaired by the minister of planning, monitoring, and administrative reform.
Work is ongoing to find a headquarters for the fund after it has acquired an independent legal status.
Egyptian President Abdel Fattah el-Sisi ratified a new law No. 177 for 2018 to establish a new sovereign fund named “Egypt Fund”. According to the law, the president can transfer property of any of the unoccupied properties to the state or to any state-affiliated authorities or companies.
The fund will be also developing Egypt’s natural resources in a sustainable manner to maximize the value of these resources for future generations by contributing to the establishment of companies or increasing their capital and investment in securities inside or outside Egypt.
This fund is the first of its kind in Egypt and has caused controversy when unveiled.
Further, the Egyptian Ministry of Finance announced Thursday that the Egyptian Tax Authority has completed its preparations to apply the ministry’s decision to oblige the taxation community to submit the taxation admissions electronically.
According to the ministry’s statement, the month of July witnessed the trial commencement of receiving electronic admissions. This falls under the ministry’s efforts to update and automate the operations in the taxation authority in a way that contributes to censoring revenues and the reception of taxation admissions.