Rise of interest rates will not affect property prices: Real Estate Investment Division    CBE's interest rate hike to slowdown industrial investments    Egypt raising interest rates to curb inflation comes as surprise: Bloomberg    Health Minister inaugurates 57th session of Council of Arab Health Ministers    Health Minister inaugurates 57th session of Council of Arab Health Ministers    Wimbledon to be stripped ranking points by ATP and WTA over Russian players ban    Wimbledon to be stripped ranking points by ATP and WTA over Russian players ban    Wimbledon to be stripped ranking points by ATP and WTA over Russian players ban    Egypt follows closely monkeypox spreading in world: Health Ministry    KCC in Egypt to kick of Korean cultural week    KCC in Egypt to kick of Korean cultural week    Higher Education Minister discusses cooperation with Egyptian Medical Society in UK    Eight female students launch campaign to raise awareness about insulin-resistance    CCCPA hosts African ambassadors ahead of third edition of Aswan Forum    Mubarak son says family clear of corruption charges, won't tolerate 'defamatory reporting'    Mubarak son says family clear of corruption charges, won't tolerate 'defamatory reporting'    I hope Lebanon recovers soon: Nawal El-Zoghbi    President pardon will be granted to another group of detainees within days: NCHR    IOE, Deloitte, EU organises webinar to celebrate joint women mentorship programme    EIB to provide Egypt €150 million for food sector    Tech giant Apple 'expresses interest' in acquiring Manchester United – report    National Bank of Egypt says H1 net profit at EGP 14.103 billion    Ivanka Trump explores "beauty of Egypt" by sharing family photos at Giza Pyramids    Egypt has signed projects worth $15 billion at COP27; environment minister says    Germany to nationalise Russian Gazprom's assets to secure its energy needs    Egypt launches 1st eco-friendly water bottle alternative to plastic during COP27    Biden, meets with Sisi, calls Egypt's hosting of COP27 'appropriate'    UAE's EAD, MOCCAE, Al Futtaim sign MoU to reduce single use plastics on sideline of COP27    Egypt operates solar-powered cars at 2 archaeological sites in Luxor    Egypt launches 200 Years of Continuing Science tourism campaign    QNB Group names TikToker Khaby Lame official FIFA World Cup Qatar 2022 brand ambassador    Three possible scenarios as Egypt's central bank governor resigns – MP    Adele is living a love story, wants to be a homemaker    In Photos: Egypt swears in 13 new ministers after major Cabinet reshuffle    Egypt's Sisi names 13 ministers in Cabinet reshuffle    Spain: prosecutor seeks 8 years sentence for Shakira over tax evasion    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



NSB to receive underwriting offers for ATAA Charity Fund by August
New fund receives EGP 80m from Tahya Misr Fund, EGP 20m from Ministry of Endowments
Published in Daily News Egypt on 31 - 07 - 2019

Nasser Social Bank (NSB) will start receiving underwriting offers for ATAA Charity Fund established by the bank to support persons with disabilities (PWDs) early August, Senior Vice Chairperson and Managing Director of NSB, Sharif Farouk, said on Tuesday.
Rasmala Egypt Asset Management has been selected by the NSB to act as investment manager of the fund, while the Egyptian Company for Funds Administration Services (ServFund) will be responsible for the fund's administration services, Farouk told Daily News Egypt.
The NSB's board of directors agreed to allow Banque Misr, the National Bank of Egypt (NBE), and the Suez Canal Bank to receive underwriting, purchasing, and redeeming offers for the fund.
In December 2018, the NSB board approved the establishment of a charity fund to support PWDs with an initial capital of EGP 200m.
President Abdel Fattah Al-Sisi announced that the fund will receive EGP 80m from Tahya Misr Fund, and the Ministry of Endowments will contribute by EGP 20m. The Suez Canal Bank will contribute by EGP 5m, in addition to the contribution of NSB by EGP 20m.
Farouk said the voluntary contribution to the fund will be made available through the purchase of the fund's securities.
He added that the securities will be offered for EGP 10 per security, and those wishing to invest in the fund have the right to buy unlimited number of securities.
He explained that the fund will be promoted to ordinary and legal persons through NSB, Banque Misr, NBE, and the Suez Canal Bank.
Farouk pointed out that forming a board of directors for the fund was completed. The board is headed by Emad Ragheb, one of the most famous Egyptian accountants and former executive partner of Ernst & Young Egypt.
The fund includes Minister of Social Solidarity, Ghada Waly, First Deputy Chairperson and Managing Director of NSB, Sherif Farouk, former Chairperson of the Financial Supervisory Authority, Sherif Sami, Mohamed Adel Serri, and Ayman Abdul Wahab, Regional President of the Special Olympics for the Middle East and North Africa. Farouk also is also member of the board of directors of the fund.
According to Farouk, the fund allows Egyptians and foreigners, whether regular or legal persons, to support and care for PWDs by purchasing the documents of the fund. All the proceeds and profits of the investment are not spent on the document holders, but rather on social and charitable purposes for PWDs.
The fund is the first of its kind in Egypt as an open charity fund, operating in accordance with the capital market legislation and under the supervision of the Financial Regulatory Authority (FRA).
The fund aims to finance the bodies, associations, and authorities that provide services to PwD in the areas of health and social services.
According to Farouk, the fund will provide support to universities, schools, or other educational institutions, which are authorised to carry out scientific research, serving PwD in all fields.
The fund will also 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 PwD.
The fund also provides support for training programmes for the disabled, in accordance with the needs of the labour market, in addition to providing scholarships and good loans to students with disabilities. It will also contribute to financing the construction or operation of shelters for PwD.
The fund will also finance and provide cash or assistance to PwD and their families, in addition to contributing to financing the construction and operation of centres for the care of children with special needs, as well as youth centres and sports clubs, and contributing to financing the construction, equipping, and operation of hospitals, health care units, and treatment centres.
The fund will also cover the cost of surgical operations, medicines, accommodation, purchase of medical supplies or prosthetic devices for PwD, as well as financing medical convoys for villages that do not have health care for persons with special needs.


Clic here to read the story from its source.