CAIRO: The Federation of Egyptian Industries (FEI) will soon launch an initiative to gather a billion EGP for the Long Live Egypt fund in the upcoming period, Youm7 reported head of FEI Mohammed el-Sewedy as saying Monday.
“A large number of Egyptian businessmen expressed their willingness to donate to the fund,” he said. The fund will also gather donations from the Egyptian citizens as well as businessmen.
By launching the fund and gathering donations, FEI aims to help Egypt overcome financial problems, flourish economy, and provide part of the finances needed for the current developmental projects, he added.
President Abdel Fatah al-Sisi launched the long-live Egypt’s fund after being sworn-in on June 8 to collect donations to boost the Egyptian economy to reduce Gulf countries aid and loans.
Sisi donated to the Long Live Egypt fund through the National Bank of Egypt on July 10, Al-Masry Al-Youm reported. He called on all Egyptians to donate to the fund to save the national economy, execute a large number of developmental projects, and achieve sustainable energy.
Former Minister of Finance Ahmed Galal said the Long Live Egypt fund initiative is a beneficial because the economy is going through a harsh period and needs more effort to improve, Al-Ahram reported.
Galal said the government should encourage people to donate by exempting donors from paying a proportional percentage of their taxes.