Egypt to shift insurance funds to private sector

Egypt Minister of Finance, Medhat Hassanein, said that the Cabinet would discuss in its upcoming meeting a report by his ministry on the best means to invest social investment funds to remove the burden off the government's shoulders.

Hassanein added that the report included development of the funds to bridge the financial gap between revenues and expenditures.

"The government is indebted to these funds by L.E. 157 billion," he added.

The Cabinet will also tackle a proposal to pay back part of the government debts in form of ownership transfer of some economic entities and companies to be invested by social insurance authority.