The Support Egypt Fund has decided to establish a charity worth LE1.5 billion to support health, education and infrastructure in Egypt, said chairman of the board of trustees, Haney Sari-Eddin.
Sari-Eddin said the decision was adopted during the fund's second meeting which was attended by member and former central bank governor, Farouq al-Oqda.
Sari-Eddin told Al-Masry Al-Youm that the fund has also decided to open a LE500-million fund to invest in small and medium-sized enterprises in the most-impoverished areas of the country.
He noted that the fund will be established according to the laws of the Egyptian Financial Supervisory Authority. He revealed that deposits placed into the fund now stand at around LE750 million.
Prime Minister Hazem al-Beblawy had allowed the establishment of the fund, following on from directives by interim President Adly Mansour.
The fund is aimed at supporting the Egyptian economy through donations to offset the economic fallouts of the 30 June uprising that ultimately toppled former President Mohamed Morsy.
Its board of trustees hosts a range of businessmen, media figures and academics.
Edited translation from Al-Masry Al-Youm
