30 June fund gathers 827 million (EGP) for local development

[DJKeefy]

30 June fund gathers 827 million (EGP) 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 827 million (EGP) (roughly $119 million), state news agency MENA reported on Wednesday.

The “Support Egypt” fund is expected to gather 5 billion (EGP) (almost $719 million) 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 300 million (EGP) ($43 million) by the armed forces, 300 million (EGP) ($43 million) by businessmen, and 230 million (EGP) ($33 million) 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 385 million (EGP) ($55.3 million).

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 40 million (EGP) ($5.7 million) 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.

Source: http://english.ahram.org.eg/News/92276.aspx

[Hafiz]

Corporate Egypt donating money for development in Upper Egypt. Really. Are these same referred to in a post 2 weeks ago looking to invest providing they get free infrastructure and land. My memory of this group is that they want to build houses - maybe or not for the poor. You guess.

The plans the other post referred to had been prepared by Mubarak's Finance Minister so you can bet its business friendly.

I've often wondered how Egypt is closed to international companies in a number of areas, particularly building and infrastructure then I looked at the list of wanted cronies and realized that a lot of money has been made in building and engineering - the Sawaras family appear here as they also do in other sectors. The army seems to have a building division. If you wanted to build 50,000 houses on time and budget why wouldn't you get a multinational. They're unlikely to pay bribes,