15-member board of directors formed to lead fund supporting people with disabilities

CAIRO - 7 October 2020: A 15-member board of directors has been formed for a fund supporting people with disabilities, according to the Wednesday issue of the National Gazette.

 

The board will be valid for four years. The members include representatives from the ministries of education, higher education, finance, youth and sports, manpower, health, as well as the minister of national solidarity, an advisor to the State Council court, a member of the National Council for People with Disabilities, four people with different disabilities, and an expert of disabilities.

 

The fund will be headquartered in Cairo, and the board of directors may open branches in other cities. 

 

Egypt’s President Abdel Fattah El Sisi ordered allocating LE 100 million (about $6.3 million) from the donation-based “Tahya Misr” Fund for a fund that takes care of people with special needs.

 

This came in a meeting with Prime Minister Mustafa Madbouli and Nevin Al-Qabbaj, the minister of social solidarity, on Monday.

 

The “Ataa” Fund for people with special needs was established by the 50-year old Nasser Social Bank in November last year, during the term of former Social Solidarity Minister Ghada Wally.

 

“Ataa” is the first charitable fund in Egypt that works in accordance with the Money Market Law. It accepts donations from all individuals and companies and invests in treasury bills, shares, and securitization.

 

The return on the investment goes for the support of organizations, bodies and assemblies that serve people with special needs on medical or social levels.

 

The money is also directed to providing support to universities, schools and other educational institutions licensed to carry out scientific research that serves people with disabilities in all fields.

 

In November, the fund reportedly started with a capital of LE 125 million ($7.8 million).