Egypt’s Minister of Sports Ashraf Sobhi, and Banque Misr Chairperson Mohamed El-Etreby, announced the launch of the “Egyptian Sports Fund,” a charitable investment fund aimed at supporting Egypt’s sports.
This came during a press conference held in the presence of And that was during the press conference that was held today, in the presence of Emad Al-Bennani and Suzan Hamdy, the managing directors of the Fund. It was also attended by Ibrahim Karam, CEO and Managing Director of Beltone Financial Holding and the Board of Directors of the Fund.
The fund’s board of directors includes a group of specialists in sports sciences, academics, economists, businessmen and a group of sports movement elements.
Sobhy affirmed that the efforts made to establish a fund to support Egyptian sports reflect the keenness of the Egyptian state to support sports in light of its importance as one of the most important pillars of national security and soft power.
El-Etreby stressed that Banque Misr’s contribution comes from the premise of its pioneering role in social responsibility, as it is one of the most important main pillars of the bank’s strategy.
The fund, licensed by the Financial Regulatory Authority, aims to sponsor sports champions, along with sports-related projects at clubs and youth centres, and support sporting events.
Karam said, “We are honoured to assign the task of managing the fund to Beltone, as it is the first fund of its kind in Egypt and the Middle East to support sports. The fund aims to find unconventional ways to provide funding for Egyptian sports.”
The Egyptian Sports Fund is a 16-year private equity fund under the provisions of the Egyptian Capital Market Law and its executive regulations and the supervision of the FRA, with a paid-up capital of EGP 5m as a first stage.
The ministry and Banque Misr each contributed EGP 5m to finance the fund, in addition to the participation of many other banks and institutions, namely the National Bank of Egypt, Banque du Caire, Arab African International Bank, Commercial International Bank, Talaat Moustafa Group, Faisal Islamic Bank, Qatar National Bank, United Bank, the Suez Canal Bank, the Egyptian Export Development Bank, and the Arab International Banking Company.
Requests for purchasing investment documents will be received through Banque Misr branches,
The collected funds will be invested in bank deposits, savings certificates, investment certificates, bonds, treasury bills and liquid cash in current accounts with banks registered with the Central Bank of Egypt.
