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Presidential decree appoints board of trustees for 'Long Live Egypt’ Fund - Daily News Egypt

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Presidential decree appoints board of trustees for ‘Long Live Egypt’ Fund

Other decrees raised military pensions by 15%, approved foreign loans to enhance electricity

President Abdel Fattah Al-Sisi issued a presidential decree Sunday appointing a board of trustees for the ‘Long Live Egypt’ Fund, according to a presidential statement.

Members of the new board include former Grand Mufti Ali Gomaa, CBC channel owner Mohamed Al-Amin, business tycoon Naguib Sawiris, head of the financial affairs department in the Armed Forces General Mohamed Amin Ibrahim Nasr, Reham Abu Ismael, and businessman Basil El-Baz.

The fund, named after Al-Sisi’s election campaign slogan, was launched last July and was granted legal status in November. It is to collect donations to support the economy and fund projects. In various speeches, Al-Sisi has called on Egyptians to donate.

The fund was financed and supported by the Central Bank of Egypt (CBE), which opened a new bank account for the fund under the number 037037. The account number represents the date of 3 July 2013, when Al-Sisi declared the ouster of former Islamist president Mohamed Morsi.

Al-Sisi declared that he would donate half of his monthly salary and half of his wealth and property to the fund, urging all Egyptians to donate. Other media personnel, businessmen, and public figures also contributed to the fund.

The fund collected close to EGP 1bn, including a donation of EGP 300m from the Armed Forces.

Al-Sisi issued another decree Sunday increasing the military pension by 15%, according to a presidential statement.

After amending articles of the law governing the retirement of military personnel, only pensions approved by the military before the year 2007 are subject to the raise. According to the new decree, the pensions subject to increase include the sum of both the original pension allocated to military men, as well as the bonus pensions.

In 2012, ousted Islamist president Mohamed Morsi also raised military pensions by 15%.

Since being sworn in as president, Al-Sisi’s administration has taken a string of decisions often classified as austerity measures, such as increasing fuel prices and imposing income taxes on both resident and non-resident Egyptians on their commercial, industrial and professional activities abroad.

Another decree by Al-Sisi approved a $100m loan by the Saudi Development Fund to enhance electricity stations in the country. The deal between the Egyptian government and the fund to increase the production capacity of electric energy was signed last November, awaiting Al-Sisi’s ratification.


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