What to know about aspired Endowments Fund in Egypt

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Sun, 14 Jun 2020 - 03:14 GMT

FILE - Building of Egyptian Parliament

FILE - Building of Egyptian Parliament

CAIRO – 14 June 2020: The Cabinet had submitted to the House of Representatives a draft bill on the establishment of the Endowments Fund, which was approved by the Committee of Constitutional and Legal Affairs after verifying its compliance with the Constitution and laws.

The bill is being reviewed by the Committee of Religious Affairs and Endowments, which will hold a dialogue on its provisions with representatives of the ministries of justice and endowments this week.

Endowments are properties that are allocated by Egyptians and non-Egyptians locally and abroad to charity in Egypt. The following are the main features of the bill:

- The fund shall be affiliated to the Cabinet.
- The fund's headquarters shall be in Cairo, while having branches in other governorates is permissible.
- The fund targets to fundpublic scientific, cultural, health and social institutions through endowments.
- The fund can contribute in the establishment of public facilities and developmental projects.
- The fund can provide financing to infrastructure projects, construction of residences for slum dwellers, and elimination of child homelessness.

There are existing endowments in Egypt but they are managed by the Egyptian Endowments Authority. There are two types of endowments; one is charitable endowments which are never returned to owners and the other is private endowments.

The revenues distribution of private endowments is divided as follows 10 percent for the Ministry of Endowments to cover the costs of administration tasks, 30 percent for the state, and 60 percent for owners. The endower designates which generation of his/her heirs will recover full revenue entitlement over the property.

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