Member of parliament (MP) Mohamed Fouad, spokesperson for the Wafd Party, submitted a request to Ali Abdul Aal, the speaker of the house, to form a fact-finding committee on the efficiency of investment of pensions’ funds. The request was signed by 21 other MPs. Fouad highlighted the remarks of Minister of Social Solidarity Ghada Wali that the investments in pension funds have reached EGP 514bn, distributed among various investment vessels, between treasury bonds and bills, bank deposits, shares, and investment fund documents. He said that the head of the Social Insurance Fund of Governmental Sector Workers showed that the securities portfolios have achieved an investment return ranging from 60-68% since the beginning of the current fiscal year. Fouad said that he demands finding the real size of the funds invested from pension funds, and the verification of other investment alternatives available.

Source: Daily News Egypt May 30, 2017 18:06 UTC