Egypt has set up its first sovereign wealth fund with an authorized capital of E£200bn ($11.4bn) and a start-up capital of E£5bn ($286mn).

 Misr Fund, as the new investment vehicle will be known, will be 100% owned by the government, although the Planning Ministry says it is a “legal entity enjoying administrative and financial independence from the state.” The law establishing the fund was ratified by parliament in July and its implementation regulations were...