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57357 Hospital considers launch of investment charitable fund 57357 has received phone calls from several banks, including Hermes and Beltone, to gauge the willingness of establishing a charitable fund
Sources in the capital market, who spoke on condition of anonymity, said that the management of Children's Cancer Hospital 57357 has expressed its interest in the establishment of an investment charitable fund. The initiative would benefit from the charitable endowment funds law issued by the Egyptian Financial Supervisory Authority (EFSA) this year. The sources added that 57357 Hospital has not made a decision yet, and that it was examining opportunities to create an investment fund to invest either in securities or real estate. The executive regulation defines the investment charitable fund as a private equity fund or real estate investment fund, whose profits coming are limited to spending on social or charitable purposes carried out by non-governmental organisations (NGOs), government agencies, or their affiliates related to charity activities. The sources pointed out that 57357 Hospital has received phone calls from several banks, including EFG-Hermes and Beltone, to inquire about the willingness of the hospital to establish such a charitable fund. The EFSA's decision no. 17 of 2016 stipulated that the founders of the charitable investment fund company should be one of the following: endowment bodies, NGOs, companies, legal persons whose status allows that, or ordinary citizens as part of one of the mentioned bodies or institutions. The decision specified that the contribution of legal persons, as well as institutions, in the capital of the charitable investment fund company should not be less than two-thirds of the capital of the fund. The decision enabled several purposes for the fund, such as financing the construction and equipping of universities, schools, and educational institutions, supporting scholarship programmes, building orphanages, building residential complexes for expatriate students, building, equipping and operating hospitals and health care units, and financing surgical operations and providing medication, as well as the development of villages and ashwa'yat (informal housing areas).
