Egypt: The archaeological sites will remain in the sovereign fund

In July 2018, the coup parliament approved the bill establishing the sovereign fund, which was announced by the Egyptian government in April 2018, with the aim of exploiting state assets and cooperating with Arab and international institutions and funds.

The law allows the fund to buy, sell, rent, exploit and use fixed and movable assets, after conducting the necessary economic, technical and financial studies, and attract investors to them to participate in them, and there are fears that this step constitutes a threat to the future of the assets and properties of the people, which will be transferred to the fund for the purpose of liquidation, according to some experts Economy.

Egyptian Minister of Planning and Economic Development, Hala Al-Saeed, rejected the proposal of a member of the Parliament’s Plan and Budget Committee, Talaat Khalil, to exclude archaeological sites from the text of Article Three of the “Egypt‘s sovereign fund” law, which states the fund’s contribution to sustainable economic development by managing its funds Its assets, funds, and assets of state-owned entities and entities, or its subsidiaries, or state-owned companies.

Selling and smuggling antiquities

Khalil expressed his fear that Egypt‘s sovereign fund would turn into a back door to sell and smuggle antiquities, saying: “There is a fear of expansion in the management of archaeological sites, which eventually turns into ownership, and we all need assurances from the government and the Minister of Planning, that the Egyptian antiquities are preserved.” Al-Saeed replied to him by saying that “the fund is not an entry point for selling Egyptian antiquities, but it allows the development of archaeological areas in a system of the right to exploitation through investors.”

Egypt: The archaeological sites will remain in the sovereign fund

Al-Saeed adhered to rejecting Khalil’s proposal, which stated that “the fund has the right to cooperate and participate with Arab and foreign counterpart funds and various financial institutions, in accordance with the controls stipulated in its articles of association, with the aim of achieving the optimum utilization of these funds and assets, in accordance with the best international standards and rules, in order to maximize Its value for the benefit of future generations, “during the committee’s discussion of an amendment submitted by the government to the law.

Egypt Sovereign Fund

Amendments made by the Egyptian government to the law establishing the state’s sovereign fund have sparked widespread controversy in the economic and political circles recently after they included provisions protecting the Egyptian regime from any legal prosecutions regarding the sale of state assets, nearly a month after the launch of Sisi and the Crown Prince of Abu Dhabi Muhammad Bin Zayed, a joint plan to invest $ 20 billion in the fund.

Perhaps the most controversial powers of the fund are its absolute authority to buy, sell, rent, rent and exploit the fixed or movable assets and use them, or the license ending in the use, as the fund will have the right to dispose of the property or funds owned entirely by it.

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