Egypt: PM keen on successful gold investment funds

Tue June 04 2024

Prime Minister Moustafa Madbouli said Tuesday that his government is keen on rendering the Egyptian experiment with gold investment funds successful.

A legislative framework is needed to regulate those funds in a way that would secure non-traditional investment opportunities for citizens, the premier said as he reviewed a report by the Financial Regulatory Authority (FRA).

The goal is for gold to be used as an investment tool that could be easily and transparently traded through those funds under the supervision of the FRA, Madbouli noted, stressing this would also protect citizens’ rights.

FRA chairman Mohamed Farid said that the first such fund was launched by AZ-Gold in May 2023. He added that a second fund was launched by Beltone Evolve in January 2024.

The FRA is currently studying to launch a third fund affiliated with one of the companies of the National Bank of Egypt (NBE), Farid noted.

Source: https://www.sis.gov.eg/