Law No. 158 of the Year 2024 Amending Certain provisions of Law No. 177 of the Year 2018 On Setting Up Egypt Sovereign Fund for Investment and Development = قانون رقم 158 لسنة 2024 بتعديل بعض أحكام القانون رقم 177 لسنة 2018 بإنشاء صندوق مصر السيادى للاستثمار والتنمية

Abstract

Article (1): The definition (competent minister) set out in article-1, and the texts of articles nos. (2 and 18 / first paragraph), of law no. 177 of the year 2018 on Setting Up Egypt Sovereign Fund for Investment and Development, shall be replaced with the following texts: Article-1: Competent Minister: The Minister to be specified by means of a decree of the Prime Minister. Article-2: Under this Law, a sovereign fund called “Egypt Sovereign Fund for Investment and Development”, referred to as the “Fund” in applying the provisions of this Law, shall be established. It shall have an independent legal personality, and shall report to the Cabinet. The headquarters thereof shall be at Cairo Governorate. The Board of Directors may establish branches or offices thereof inside or outside the Arab Republic of Egypt. Article (18) / first paragraph The Fund shall have a general assembly to be formed by a decree of the President of the Republic under the chairmanship of the Prime Minister and with the membership of the Competent Minister, the Minister of Finance, the ministers concerned with investment & international cooperation, and planning affairs, a deputy-governor of the Central Bank, in addition to seven members with expertise in the financial, economic and legal fields as well as the management of counterpart funds and global investment companies, to be nominated by the Prime Minister. The membership term of the general assembly for the members with expertise shall be four years renewable for once.