Gov’t transfers EGP 17.5 bn worth of assets into sovereign wealth fund

Assets worth EGP 17.5 bn have been transferred to Egypt’s sovereign wealth fund (SWF), including a conference hall in Nasr City and the Bibliotheca Alexandrina, Planning Minister Hala El Said said, according to Al Mal. The government has hired legal and financial advisory firms to help it draft short- and medium-term strategies for the fund, a government official said, according to Youm7. The government has yet to choose between three candidates nominated for the position of executive director.