Egypt’s first charitable fund board Oks issued capital hike
The board of ATAA, Egypt’s first charitable investment fund to support people with disabilities, on Sunday has endorsed a planned increase in issued capital to 20 million Egyptian pounds ($1.2 million).
In December 2018, Nasser Social Bank’s (NSB) board approved to establish a charity fund, the first of its kind in Egypt, to support people with special needs and disability, with an initial capital worth 200 million pounds.
President Abdel Fattah al-Sisi earlier announced the fund will receive 80 million from Tahya Misr (Long Live Egypt) Fund, while the Endowments Ministry will contribute 20 million pounds.
The Suez Canal Bank will contribute 5 million pounds, in addition to the Nasser Social Bank’s commitment with 20 million pounds.
The fund aims to finance institutions and educational bodies of different stages and levels, and training centres with regard to books, journals, machinery, or equipment, and other supplies necessary for the educational process for people with disabilities.