Planning and Administrative Reform Minister Ashraf el Araby on Monday said EGP 5 billion would be allocated from the country's public budget to establish a sovereign fund aiming to encourage local and foreign investments.

In statements following a meeting of the ministerial economic committee, Araby added that the fund could engage in partnerships with the private sector to set up investment projects.

The minister said eight fields are placed on top of the fund's priorities in the coming period, including industry, agriculture, transport, mining, tourism and trade sectors.

He added that the fund would be established according to a law to be passed in this regard, while a technical committee gathering national experts was tasked to follow up the establishment of the fund.

The ministerial economic committee will receive the fund's law within two weeks, before being passed to the cabinet, the minister said.

He expected that the law would be finalized by mid-2017.

Araby said the fund's board would gather representatives for the government and experts of the private sector.

He added that a ministerial committee chaired by the prime minister would be responsible for following up the fund.