By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Egypt’s IDA gears up to provide its services for investors online
    Egypt’s IDA gears up to provide its services for investors online 
    March 29, 2023
    Egypt. Germany discuss promotion of cooperation in communications, digital transformation
    Egypt, Germany discuss promotion of cooperation in communications, digital transformation
    March 29, 2023
    Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador
    Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador
    March 29, 2023
    Volatile trading on EGX amid anticipation of interest rate movement
    Volatile trading on EGX amid anticipation of interest rate movement
    March 29, 2023
    Mohamed Nasr El-Din appointed as new CEO of Telecom Egypt
    Mohamed Nasr El-Din appointed as new CEO of Telecom Egypt
    March 29, 2023
  • Politics
    PoliticsShow More
    Ugandan president says peacekeepers will help stabilize eastern DR Congo
    Ugandan president says peacekeepers will help stabilize eastern DR Congo
    March 31, 2023
    Formes US President Donald Trump Is Indicted in New York
    Trump indicted in hush-money payment case
    March 31, 2023
    Humza Yousaf is to be the first minister of Scotland after narrowly winning the election for leader of the Scottish National Party
    Humza Yousaf becomes Scotland’s first minister: A decade of polls suggest he’ll struggle to deliver independence, just like Nicola Sturgeon
    March 30, 2023
    Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
    Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
    March 29, 2023
    Health Minister, UNODC discuss bilateral cooperation in combating drugs, corruption
    Health Minister, UNODC discuss bilateral cooperation in combating drugs, corruption
    March 29, 2023
  • Interviews
    InterviewsShow More
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    March 27, 2023
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Al-Sisi decides to merge ‘Long Live Egypt’ and the 306306 Fund
Share
Notification
Latest News
Ugandan president says peacekeepers will help stabilize eastern DR Congo
Ugandan president says peacekeepers will help stabilize eastern DR Congo
Politics
Formes US President Donald Trump Is Indicted in New York
Trump indicted in hush-money payment case
Politics
Humza Yousaf is to be the first minister of Scotland after narrowly winning the election for leader of the Scottish National Party
Humza Yousaf becomes Scotland’s first minister: A decade of polls suggest he’ll struggle to deliver independence, just like Nicola Sturgeon
Politics Opinion
Egypt’s IDA gears up to provide its services for investors online
Egypt’s IDA gears up to provide its services for investors online 
Business
Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
Politics World
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Al-Sisi decides to merge ‘Long Live Egypt’ and the 306306 Fund
Business

Al-Sisi decides to merge ‘Long Live Egypt’ and the 306306 Fund

Abdel Qader Ramadan
Last updated: 2014/07/14 at 4:05 PM
By Abdel Qader Ramadan 5 Min Read
Share
Al Sisi with a group of business man during a meeting held during a breakfast banquet. (Photo Presidency handout)
SHARE
Al Sisi with a group of business man during a meeting held during a breakfast banquet.  (Photo Presidency handout)
Al Sisi with a group of business man during a meeting held during a breakfast banquet.
(Photo Presidency handout)

A meeting held during a breakfast banquet on Sunday by President Abdel Fattah al-Sisi with a group of businessmen led to the formation of a committee comprised of both businessmen and government officials to manage the Long Live Egypt Fund, and to determine its work programme and spending priorities.

Some of the businessmen who attended the meeting said that an agreement was made to merge the account of the 306306 Fund and its management with the Long Live Egypt Fund.

The committee will be responsible for managing the fund, and the board of trustees is currently being formed after the board of trustees of the 306306 Fund approved the merger of their account into the Long Live Egypt Fund, said Mohammed Genaidy, chairman of the Board of Directors of GMC, who participated in the meeting.

“The number of businessmen participating that announced their donations to the fund is very big, and others have confirmed their intention to make large donations at a later stage,” Genaidy said.

He pointed out that the meeting was attended by the prime minister as well as the ministers of industry, investment, trade, finance, electricity and housing.

“The president spoke for an hour about the current situation in Egypt and the region, and talked about the role of businessmen in the economic development plan,” said Genaidy.

The president was careful to mitigate any sense among business men that the state is looking to exclude or marginalise them, or put pressure on them to compel them to donate for the benefit of the country,” said Alaa Al-Sagty, chairman of Badr Investors Association.

Al-Sagty added that: “Although the president affirmed he would not pressure businessmen to contribute to the Long Live Egypt Fund and will not harass those who did not donate, he does want to put moral and ethical pressure on them by confirming the role of businessmen in helping the country’s economy.”

Al-Sagty said that the new committee will also be responsible for studying legislation and obstacles currently obstructing investment and to propose solutions for them in addition to coordinating with businessmen with regards to projects they intend to carry out over the coming period in order to ensure they are in line with the state’s development plan.

 

“The president is keen on increasing development rates in order to keep pace with the rate of population growth and to overcome the problems of bureaucracy,” said Al-Sagty.

“The president encouraged me to establish an investment company in the Badr investment area with a capital of EGP 200m, and said if you encounter obstacles I will issue a republican decree to implement your project,” the chairman added.

Head of the Sixth of October Investors Association Magdy Abdel Moneim, who also attended the meeting, said: “President Sisi stressed that the country needs to inject more investments, that investment is the hope for eliminating Egypt’s economic suffering, and that production is the solution to save Egypt.”

Abdel Moneim pointed out that the president made it clear that he would not force anyone to donate, though “the president stressed that Egypt needs all of us,” and “political will and businessmen will build Egypt.”

“The meeting saw officials of the 306306 Fund announce that the fund’s remaining balance is being allocated, some EGP 850m, to the Long Live Egypt Fund, and this comes after spending EGP 150m, out of the total EGP 1tr it collected on other projects,” Abdel Moneim added.

He added that the new committee will develop regulations and spending priorities for the Long Live Egypt Fund’s various projects.

Al-Watan spoke about the donations Monday, valued at EGP 5bn as announced by businessmen in their meeting with President Abdel Fattah El-Sisi and attended by businessman Naguib Sawiris. The figure includes EGP 3bn from the Sawiris family, EGP 1.2bn from businessman Mohamed El Amin, EGP 150mn from businessman Ahmed Abou Hishama, and EGP 30m from businessman Mohamed Farid Khamis, chairman of Oriental Weavers.

You Might Also Like

Egypt’s IDA gears up to provide its services for investors online 

Egypt, Germany discuss promotion of cooperation in communications, digital transformation

Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador

Volatile trading on EGX amid anticipation of interest rate movement

Mohamed Nasr El-Din appointed as new CEO of Telecom Egypt

TAGGED: Daily News, Egypt
Share this Article
Facebook Twitter Email Print
Previous Article Egypt to cooperate with World Bank to increase economic competitiveness: Investment minister
Next Article Mergers and acquisitions in Middle East up 250% in Q2 2014
1 Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Ugandan president says peacekeepers will help stabilize eastern DR Congo
Ugandan president says peacekeepers will help stabilize eastern DR Congo
Politics
Formes US President Donald Trump Is Indicted in New York
Trump indicted in hush-money payment case
Politics
Humza Yousaf is to be the first minister of Scotland after narrowly winning the election for leader of the Scottish National Party
Humza Yousaf becomes Scotland’s first minister: A decade of polls suggest he’ll struggle to deliver independence, just like Nicola Sturgeon
Politics Opinion
Egypt’s IDA gears up to provide its services for investors online
Egypt’s IDA gears up to provide its services for investors online 
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?