REGULATION WATCH- Gov’t issues framework for planned sovereign wealth fund: The government has issued the framework for the planned EGP 200 bn sovereign wealth fund (SWF), identifying it as an independent body in terms of administration, financing, and legality, according to the Official Gazette (pdf). The SWF, which is meant to contribute to sustainable economic development, is mandated with the establishment or capital increase of companies or funds; investing in securities and financial instruments; securing credit facilities; issuing bonds and other financial and debt instruments; purchase, sell, lease, or exploit fixed assets; and loan or guarantee investment funds and their affiliated companies. The decree requires the SWF to ensure its investment policy is consistent with top notch environmental, social responsibility and governance practices.

Bylaws are on their way: Planning Minister Hala El Said had said in January that the bylaws and regulations of the fund would be completed and made public by the end of the month. The domestic press reported last month that four candidates, whose names have been sent to Cabinet, were being considered to head the fund, and that a decision would be made within weeks.