Ma’it said that the fund will be launched with a capital of LE 2 billion, and it will have multiple goals.
The fund-to-be aims to increase consumer capabilities among citizens, he said during the inauguration of a number of national projects earlier today.
Minister of International Cooperation announced Wednesday the approval of the World Bank's Board of Executive Directors to provide Egypt with $400 million.
This is part of the emergency response project to address coronavirus pandemic; to support the Egyptian government’s efforts to implement the universal health insurance system.
The Cabinet submitted to the House of Representatives a draft bill on the establishment of the Endowments Fund.
Business tycoon Samih Sawiris has praised the draft law on merging the funds for the sectors of tourism and antiquities, saying it would support the financial resources of the merged fund.
The banks should be encouraged to be part of an initiative offering loans of 8 percent diminishing balance interest rate to private investors in certain sectors.
The Addiction Treatment & Abuse Fund led by Minister of Social Solidarity Nevine al-Kabbaj applies six measures to support addiction recoverees and reduce relapse amid coronavirus pandemic.
These countries are most vulnerable to debt and come under the IMF’s revised Catastrophe Containment and Relief Trust. The IMF’s relief package is a response to help poor countries on the back of the Covid-19 pandemic.
The success of the Egyptian state in its economic reform program, which started in 2016, enabled it the country withstand external pressures.
the Fund, SPE AIF I is managed by SPE Capital Partners and will focus mainly on Egypt, Morocco and Tunisia.
The fund also targets to strengthen the capacity of the Social Housing Fund and support real estate finance in designing policies and coordinating programs in the social housing sector.
The Fund provides to Egypt, pursuant to this agreement, a loan amounting to €53.2 million, and a grant of €860,000 euros.
EBRD commented that it is supporting the development of high-quality hospitals in Egypt and Morocco.
Meeting under Prime Minister Mostafa Madbouly, the Cabinet approved on Tuesday a draft presidential decree on establishing a Research Endowment Fund.
The grant deal was signed by USTDA’s Acting Deputy Director Todd Abrajano and Echem’s Chairman Saad Helal.
EBRD added in a statement that this loan came to support the modernisation of Egypt’s oil industry by upgrading the oil refinery owned by SOPEC.
This will enhance economic opportunities and encourage investment in Egypt, as well as the program aims to promote inclusive economic growth.
The Ministry of Planing has denied appointing a foreign executive director for the Egyptian Sovereign Wealth Fund, a rumor that recently spread on social media.
Some beneficiaries across the country breached the rules ensuring eligibility to acquire a free fully-furnished apartment.