CAIRO: Governor of the Central Bank of Egypt Hisham Ramez told Youm7 that donations from banks working in the local market to Long Live Egypt’s fund reached 250 million EGP.
Ramez added that the HSBC donated 20 million EGP, Bank Audi donated 10 million EGP and the Arab Bank donated 10 million EGP.
Ramez said that the banks donating to the fund include the National Bank of Egypt which donated 20 million EGP, Banque Misr also donated 20 million EGP, Banque Du Caire donated 20 million EGP, the CIB donated 20 million EGP, QNB donated 20 million EGP and Faisal Islamic Bank of Egypt donated 10 million EGP.
Ramez said that the banks donated parts of their profits.
A senior official in the Central Bank of Egypt told Youm7 Tuesday that the fund received a 112.5 Saudi Arabian million riyal (214 million EGP) bank transaction from a Saudi Arabian businessman who refused to mention his name.
Former Minister of Finance Ahmed Galal said that the initiative of founding Long Live Egypt’s fund is a benificial idea because the economy is going through harsh conditions and needs more efforts, Al-Ahram said.
Galal said that the State can encourage people to donate by exempting donors from paying a proportional percentage of their taxes.
Professor of economics in Cairo University Omnia Helmy said that President Abdel Fatah al-Sisi‘s campaign for boosting the economy is going to be very successful because it is transparent and businessmen intend to make it successful.
President Abdel Fatah al-Sisi donated to Long Live Egypt’s fund Monday in the National Bank of Egypt, Al-Masry Al-Youm reported.
Additional reporting by Ahmed Yacoub.