The government could introduce legislation “within weeks” to establish a sovereign wealth fund, unnamed state officials tell Al Masry Al Youm. The Justice Ministry is reportedly finalizing the text of a proposed draft bill, prepared by the Planning Ministry, to establish and govern the fund, which will aim to put the state’s assets and excess liquidity to use and maximize returns by investing in both public and private equities. The new fund will be governed by the ministries of planning, investment, and public enterprises, the officials said, adding that discussions are currently ongoing to determine the makeup of the executive board. Various assets belonging to state-owned companies will be placed under the fund, they added. The government has been in talks with international consultants to settle on the fund’s goals and strategies.

This isn’t the first we’ve heard about Egypt setting up a sovereign wealth fund. Planning Minister Hala El Said had previously said that the idea was on the table. Public Enterprises Minister Khaled Badawy also alluded to the possibility, at EFG Hermes’ One-on-One in Dubai earlier this month, but had hinted at it being a plan for a later point in time.