NI Capital financial services holding company will launch the underwriting for the new fund offer (NFO) of the National Charitable Investment Fund for Education, known as “Education is Life”, Egypt’s Minister of Planning, Monitoring and Administrative Reform, Hala El-Said, announced on Wednesday.
El-Said said that the National Charitable Investment Fund for Education has been established with the aim of finding a mechanism to provide sustainable financing for educational projects.
She added that the new fund aims to secure sustainable financing for educational projects, explaining that the fund would provide a distinguished educational service directed for most needy areas, in addition to managing charity and endowments facilities professionally.
“Education is Life is considered the first charitable investment fund to support education in Egypt after the capital market legislation allowed the establishment of such funds,” El-Said said.
She noted that it is available for various companies, institutions, and individuals to participate at the underwriting for the NFO through all branches of Banque Misr and Banque du Caire inside and outside Egypt.
Meanwhile, chairperson of the fund and vice chairperson and managing director of the National Investment Bank, Mahmoud Montaser, said the fund reflects the state’s strategy towards qualifying young generations and developing the educational system in the country.
In the same context, CEO of NI Capital Mohamed Metwally expressed his happiness in participating in the launch and management of this fund that paves the way towards a better future for Egypt.
The fund’s management has been assigned to NI Capital to enhance the fund’s commitment to the highest levels of governance and transparency.
The fund’s board of directors issues an annual report of its activities and publishes its financial statements. It will also create a website that includes everything related to its charitable activities.
By: Shaimaa Raafat