In an effort to provide much-needed transparency, the presidency announced in a statement on Tuesday that the fund dubbed "Long Live Egypt" would have oversight from multiple government institutions.
According to the statement, the fund would be supervised by Sisi, Al-Azhar Grand Sheikh Ahmed al-Tayeb, Pope Tawadros, CBE governor Hesham Ramez and the Central Auditing Organization.
The move comes after an appeal by President Abdel Fattah al-Sisi for a fund to support the economy, which will be set up in all banks under account number 037037 to receive contributions from Egyptians.
"The names of contributors and the amount of contributions will be announced every month in order to maintain transparency," said the statement.
Officials also called on Egyptians at home and abroad to bear the responsibility of their country and help in the measure in order to make this voluntary fund successful.
The Long Live Egypt fund is not met, however, without controversy. Similar funds were started after 25 January revolution and 30 June revolution, calling on the public to give donate to help Egypt's coiffers. It still remains unclear how much money has been collected into these accounts and how it is spent as the projects lack transparency.
Edited translation from Al-Masry Al-Youm
