• 17:31
  • Friday ,24 January 2014

30 June fund gathers LE827 mln for local development projects


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Friday ,24 January 2014

30 June fund gathers LE827 mln for local development projects

A donation fund set up in the wake of 30 June mass protests that led to the ouster of former president Mohamed Morsi has collected about LE827 million (roughly $119 mln), state news agency MENA reported on Wednesday.

The “Support Egypt” fund is expected to gather LE5 billion (almost $719 mln) into the account numbered 306/306 over the next two years, according to former Central Bank governor Farouk El-Oqda, chairman of the fund’s board of trustees.
Donations so far consist of LE300 million ($43 mln) by the armed forces, LE300 million ($43 mln) by businessmen, and LE230 million ($33 mln) by private citizens.
The fund's management has agreed with governmental ministries to embark on local development projects, according to Hany Sarey El-Din, vice-chairman of the fund’s board of trustees.
Some of the projects will occur in the ten poorest villages in the Upper Egyptian provinces of Assiut, Sohag, and Qena. Another project will be in Egypt's oldest slum "Ezbet El-Assal" in Cairo, which has an area of 41 feddans.
The initial development projects in the fund will cost LE385 million ($55.3 mln).
The "Support Egypt" fund was launched on satellite channel CBC by its owner, businessman Mohamed El-Amin on 5th of July 2013.
Other large-scale initiatives have launched since the 2011 revolution impacted Egypt's economy.
The first was account number 25/01/2011, started by former minister of finance Samir Radwan in March 2011. It reportedly gathered LE40 million ($5.7 mln) in donations.
This was followed by a private initiative from Salafist preacher Mohamed Hassan in February 2012 to replace the $1.3 billion annual US military aid to Egypt after US threats to cut it.
In November 2013 former president Morsi called on Egyptians to donate to account no. 333/333 dubbed "Egypt's Renaissance," at the Central Bank of Egypt to support the country's struggling economy.