Sisi’s Long Live Egypt Fund receives $767 million commitments

The Tahya Masr (Long Live Egypt) Fund, originally initiated by President Abdel Fattah al-Sisi to support national economy, has received so far contributions and donations totalling 6 billion Egyptian pounds (US$767 million).

Mohamed Ashmawy, executive director of the fund, told Amwal Al Ghad Sunday that the size of current contributions is too humble since the fund targets attracting a total of 100 billion pounds in the coming period.

By early 2016, the fund’s management will unveil in a press conference the main projects to which the fund’s commitments are tailored, Ashmawy said.

During 2015, the fund has secured total finances worth 3 billion pounds approximately in favour developmental projects in Egypt, he added.

Tahya Masr fund was created upon the initiative of President Sisi in 2014 to help funding projects to support and to revive the cash-strapped national economy.

Individuals and businessmen have contributed billions of Egyptian pounds to the fund.

Last April, former prime minister Ibrahim Mahlab formed an executive body to plan and run the fund’s projects.

The executive committee included leading businessmen like Naguib Sawiris, former Grand Mufti Ali Gomaa and a representative from the Supreme Council of the Armed Forces.