The Long Live Egypt Fund (Tahya Misr), a fund created by Egyptian President Sisi to assist national economy, has launched savings certificates in cooperation with six banks, it announced on Thursday.
The six banks are Banque Misr, QNB AlAhli, Al Baraka Bank Egypt, Housing and Development Bank (HDB), Bank Audi Egypt, and Blom Bank Egypt.
Citizens can buy the Long Live Egypt savings certificates and donate the returns in favour of the fund, which is assigned to finance several national developmental projects.
The savings certificates will be in both Egyptian pound and foreign currencies offered through all nationwide branches of the six banks, said the fund’s executive director, Mohamed Ashmawy.
Those certificates will help finance social projects assigned to the fund, including building affordable housing units, long-term hepatitis C medication schemes, development of the country’s slums, create small projects for youth, Ashmawy added.
The Egyptian official further said the Fund is in the process to reach an agreement with six further banks in the coming few days.
In 2014, Egyptian President Abdel Fattah al-Sisi announced the creation of the fund to financially support the country’s development.