Ayadi Holding Company for Investment and Development will decide on the value of its contribution to six projects in the sectors of agriculture and SMEs in its board meeting next week, according to board member Hani Mahmoud.
“The company Investment Committee is now studying the feasibility of more than 30 projects in a number of investment sectors. They agreed to contribute to funding five projects in the past few days,” Mahmoud said. Six other projects are expected to be decided in the next few days.
Mahmoud told Daily News Egypt that Ayadi’s share will range between 25% and 40% in all the projects it will contribute to. The statement was made on the sidelines of the press conference upon the signing of the cooperation protocol between Terous Misr Foundation for Development and the UAE’s Arabia CSR NetworkMonday.
The protocol will activate cooperation between Arab countries to encourage corporate social responsibility (CSR) in accordance with scientific ways to meet the society’s needs and develop it through a joint work mechanism.
The agreement also aims to launch workshops and training courses and cooperate in initiatives seeking to benefit more from CSR.
Mahmoud said Ayadi’s board intends to decide during the next meeting the value of its contribution to the Faltering Factories Fund, established by the Ministry of Industry last November.
Ayadi Chairman Osama Saleh told Daily News Egypt mid-November 2015 that the board agreed to subscribe to the Faltering Factories Fund’s capital. However the percentage of contribution was not decided.
The Ministry of Industry recently agreed with the Industrial Modernisation Centre and the Ministry of Planning, represented by the National Investment Bank, on contributing to the seed capital of the fund with equal shares by the three parties.