The House of Representatives approved Sunday a government-backed draft law establishing an agency for managing recovered and seized funds.The agency will be committed to preserving and developing the funds to make the best use of them, as well as disposing the funds in cases where this is legally permissible.The draft law was prepared to issue a law establishing an apparatus for managing and disposing of recovered and seized funds to form a single organizational entity that would manage those funds in an institutional manner, head of the parliamentary planning and budget committee Fakhri el Din al Feki said.The provisions in this regard were implemented by the Ministry of Finance through the Custodial Liquidation Agency, the Central Administration for Agrarian Reform Resources and Compensations in the Finance Sector of the Ministry of Finance, and the Department of Recovered Funds of the General Authority for Government Services, he added.All fixed and movable assets, special rights and obligations o f the three entities shall be transferred to the new agency, the draft law readSource: State Information Service Egypt