Egypt’s Sovereign Wealth Fund (SWF) represents an important investment tool to safeguard the country’s wealth for next generations and make the best use of untapped state assets, Spokesperson for the Ministry of Planning and Economic Development Ramy Galal said in a statement Sunday.
Galal added that the fund’s running is subject to oversight through a large number of mechanisms, including a 12-member general assembly headed by the prime minister and a board of directors chaired by the minister of planning and economic development.
The fund’s management is also subject to oversight by the Accountability State Authority (ASA), the spokesman added, noting the president of the republic and the parliament, along with several relevant committees, are regularly furnished with a report on the fund’s activities and financial position.
Moreover, an array of investment controls and criteria are also in place to protect against investment risks, in addition to the fund’s internal regulations that enable the fund’s officials to run it professionally, Galal pointed out.
Source: State Information Service Egypt