Egyptian government approved on Wednesday a draft law to establish a sovereign wealth fund to manage state assets with a capital of LE 200 billion, Planning Minister Hala al-Saeed said. The law gives the fund the authority to establish sub-funds and contribute in similar Arab funds. Saeed said that the fund aims to make use of the state’s unused assets, which amount to 3,000. She added that a unit has been established within the Planning Ministry to follow up and coordinate with other ministries to identify the unused assets. The fund will be managed mainly be the Planning Ministry. Last month, Minister of Public Enterprise Khaled Badawi said that Egypt is discussing setting up a sovereign wealth fund to manage state companies as it plans to list them on the stock exchange. The measures come as investors have become more interested in investing Egypt over the recent months after years of political unrest. Investors are encouraged by the reforms implemented by the government as well asby the gas discovery, simplification of project implementation rules and devaluation of local currency. On Wednesday, Egyptian Finance Minister Amr al-Jarhi said Egypt was aiming to issue between $6 and $7 billion in international bonds in the fiscal year 2018-2019, which begins in July. Egypt raised $2.46 billion this week from selling 8-year and 12-year euro bonds at 4.75 and 5.625 per cent, respectively. In an effort to bridge the budget deficit and boost its dollar holdings, Egypt also sold $4 billion in dollar bonds in February.