Procedures are underway to establish a Sovereign Wealth Fund starting fiscal year (FY) 2016/17 to manage unused public sector assets, Prime Minister Sherif Ismail said on Tuesday.

During a meeting, Ismail demanded that government plans accelerate to exploit unused assets, as part of the government’s efforts to enhance the business environment.

Exploiting unused assets will boost investments within the infrastructure segment, and it would open a window for creating new job opportunities, said Ismail.

“Assets will be divided into projects in all governorates and public sectors, in order to increase the added value for business owners, and the sector’s contribution to the gross domestic product,” said cabinet spokesperson Hossam El-Kawish.

A detailed report with the inventory of all undisputed assets was reviewed and evaluated to decide upon future plans that would be implemented and developed in accordance with surrounding developments.

The projected goals will be achieved by acquiring the help of real-estate asset management experts, in order to create a clear framework for the public business sector companies in line with the developmental goal, which is maximising the revenue, raising the growth, and employment rates.

El-Kawish said the government is determined to hasten the plans and to reach the projected goals.

Another committee meeting is to be held next week to review and reach a decision in evaluated cases.