‘Egyptian Sport Fund’ launched to support sports in Egypt

CAIRO – 18 February 2018: Banque Misr launched on Sunday the “Egyptian Sport Fund” to support sports in Egypt and put it back on the global sports map, according to a press statement.

The fund’s target will go in line with a plan to achieve international excellence in sports through providing technical and financial support to the players and funding workshops to train them in order to prepare Egyptian players whom are capable of competing in international competitions.

The fund targets 70 beneficiaries in the first three years. It also aims to collaborate with Egyptian sports federations to contribute in the funding. The Egyptian Sport Fund is a private property fund for a period of 16 years, which can be extended.

The fund has LE 5 million in paid capital, paid by Banque Misr. The fund will then issue initial public offering (IPO) with a value of LE 250 million in the first half of the year, as part of a plan to raise LE 1 billion over three stages.

The first IPO will be issued in March 2018. The Egyptian Sport Fund was launched in a press conference on Monday in the presence of Prime Minister Sherif Ismail.