Mahmoud Abdel Latif, CEO of the Long Live Egypt fund (306306), has announced the plan to merge it with the Egypt Support Fund (2011125), noting that the total amount of domestic and foreign donations received by Long Live Egypt will soon be disclosed.
Speaking to Al-Masry al-Youm on the sidelines of the Egypt Economic Development Conference, Abdel Latif said that the fund will likely become a sovereign one, so as not to solely rely on grants and donations.
He explained that slum development will be the key funding priority, with special focus on areas that are particularly hazardous or threatened by natural disasters.
According to the directives of President Abdel Fattah al-Sisi, LE500 million will be allocated to the transfer of the residents of the collapsing Duweiqa neighbourhood to 6th of October City.
He added that the fund has obtained information about slum areas and the needs of their residents in coordination with the Ministry of Urban Development and the Cairo Governorate.
Edited translation from Al-Masry Al-Youm
