Minister of Youth and Sports Ashraf Sobhy has announced the launch of the Sports Support Fund, a charitable investment fund aimed at supporting Egypt’s sports.
The fund’s launch comes after its Board of Directors was formed and confirmed in their positions.
Sobhy told Daily News Egypt that his ministry and Banque Misr will each contribute EGP 5m to finance the fund, while Beltone Financial Holding will manage the fund.
He added said that the fund aims to sponsor sports champions, along with sports-related projects at clubs and youth centres, and support sporting events.
Sobhy said that the Board of Directors’ first session was an underwriting session, with a technical committee formed to develop investment plans, resources, and other economic aspects of the project.
Sobhy noted that these resources are to be invested through bank deposits and offering shares and bonds through major financial intermediation companies on the Egyptian Exchange (EGX).
Emad Al-Bennani, a member of the fund’s Board of Directors and Managing Director of its Sports Affairs, told Daily News Egypt that the fund’s permanent headquarters Fund had been approved. It will be located at the Ministry of Youth and Sports’ Civil Education Center in Gezira.
The fund’s Board of Directors will include Ashraf Sobhy as Chairperson, Mohamed El-Etreby as Vice-President and Banque Misr representative. They will work alongside Maged Shawky, Sameh Al-Targoman, Amr El-Ganainy, Ismail El Shafey, and Khaled Raafat. Al-Benani will act as Managing Director of Sports Affairs and Suzan Hamdy as Managing Director for Investment affairs.
The Sports Support Fund was established by a decision issued by the President of the Financial Regulatory Authority (FRA) on 17 December 2017.