Egypt’s National Investment Charity Fund holds founding meeting

The Board of Directors of the National Investment Charity Fund for Education held the first founding meeting on Saturday at the Ministry of Planning, attended by Planning Minister Hala al-Saeed and Education Minister Tarek Shawki, to discuss launching a mechanism that provides sustainable funding for educational projects, develops education and provides distinguished educational service at poor areas.

Saeed said that the fund comes within the framework of the state’s interest in developing human capabilities, particularly within the education field, and achieving regular returns. It also aims to maintain low risk levels through diversified investment in low risk and high liquidity instruments, such as fixed income instruments including treasury bills and bonds and high yield instruments such as the shares of companies listed on the stock exchange.

According to Saeed, the fund was established under the new Capital Market Authority Law which established charitable investment funds, allowing the government’s partnership with the private sector, civil society organizations and various state institutions through these funds.

The fund aims to ensure the sustainability of all efforts by the state exerted towards the field of education, the provision of distinguished educational grants to outstanding students, the development of educational curricula, the training of teachers, the development of vocational education and qualifying young people for the labor market.

Shawki considered the fund a pivotal turning point in the educational process, explaining that it will be separate from the government and managed by a board of directors composed of a group of founders and experienced people from different segments of society.

Osama Saleh, Chairman of Ayadi Company for Development and Investment, said that the fund will implement rules of good governance and transparency in its management through the formation of an advisory board comprising a group of experts and specialists together, with the fund’s Board of Directors to follow up and determine the disbursements of donated funds.

Mahmoud Montasser, Chief Executive Officer of National Investment Bank, explained that the fund will follow an investment policy aimed at maximizing returns on invested funds, taking into account the reduction of investment risks and the preservation of donations through an acceptable policy to distribute investments on different promising sectors of investment, adding that all investment returns to the fund will be directed towards the educational process.

Edited translation from Al-Masry Al-Youm

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