Cairo – Mubasher: Nasser Social Bank (NSB) has revealed plans for the creation of an open-end charities investment fund in collaboration with financial institution and private companies under Capital Market Law (CML).
The fund is aimed at pumping investments and utilising their returns to support and finance special needs organisaitons, according to an official statement.
The Ministry of Awqaf contributes with EGP 20 million in the fund, while Suez Canal Bank (SCB) paid EGP 5 million and Nasser Bank allocated EGP 20 million to the fund, the NSB’s deputy chairman Sherif Farouk stated.
The creation of the new fund comes in line with President Abdel Fattah el-Sisi’s declaration of dedicating 2018 for people with special needs in Egypt, the Minister of Social Solidarity Ghada Waly said.
