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Bank contributions to Tahya Masr fund reach EGP 400m
Sara Aggour Published in Daily News Egypt on 01 - 09 - 2014

Bank contributions to the Tahya Masr account (Long Live Egypt Fund) registered EGP 400m, said Governor of the Central Bank of Egypt (CBE) Hisham Ramez.
Ramez refrained from disclosing the total amount collected.
The governor gave the statement prior to an announcement by investment bank EFG Hermes that it had donated EGP 20m to the fund.
On 25 August, Salah Diad, member of the Tahya Masr board of directors, said that donations to the fund exceeded EGP 5bn.
Madinet Nasr Housing and Development (MNHD) announced mid-August that the company's board of directors approved a donatation of EGP 25m to the fund. Egyptian businessman Alaa Arafa made an EGP 20m donation to the fund; he provided a cheque of EGP 5m as an initial payment to the prime minister.
Diab said that the fund's board of directors, headed by President Abdel Fattah Al-Sisi, is still reviewing how the fund will be used. He added that the period of collecting donations is open in order to encourage businessmen to contribute.

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