The managing board of the Tahya Masr Fund announced plans to purchase 850 transportation trucks that it will then sell, under the fund’s oversight and approval, to young applicants who will provide food commodities to the public at discounted prices.
The fund is seeking to purchase 500 trucks with a loading capacity of 1.5 tonnes and 350 trucks with a loading capacity of 5 tonnes.
Prime Minister Sherif Ismail called for continually following up on the project to assure its effective implementation throughout Egypt. He also called for preparing a “flexible” plan for small investors regarding the economies and sustainability of the initiative.
The statements came during a meeting of the Tahya Misr Fund’s board members on Monday to discuss the fund’s updates. The meeting was attended by Ismail, the general secretary of the fund, the general secretary of the Social Development Fund, and the ministers of planning, supply, social solidarity, and investment.
Applicants are required to found a company that consists of two individuals who will collectively pay 15% of the truck’s value as a deposit. The government, however, did not mention the value of the trucks.
The trucks will work for 26 days per month selling meats, chicken, and fish for 20 days; basic commodities such as rice, cooking oil, and sugar for five days; and one day for vegetables and fruits.
Attendees of the meeting also discussed establishing a holding company affiliated with the fund to operate the projects.
The Tahya Masr Fund was formed in June following President Abdel Fattah Al-Sisi’s inauguration in efforts to collect donations to stimulate the struggling economy. Al-Sisi issued a decree to establish the fund, granting it legal status. In accordance with Article 2 of the decree, the fund is held under the auspices of the president.
The main purpose of the fund is to assist establishing services and development projects including; the financing of micro-enterprises; infrastructure projects; small projects for the youth demographic; the development of the informal housing sector; the reduction in the number of homeless and street children; and other projects contributing to supporting the economic and social situation of the country.
The fund’s name is based on the slogan of Al-Sisi’s presidential campaign. The fund’s bank account number – 037037 – refers to the day on which Al-Sisi declared the ouster of former Islamist president Mohamed Morsi.
Several businessmen, companies, and institutions have donated to the fund.