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Banque Misr launches “Egyptian Sports Fund” the first Charitable Investment Fund to support the Egyptian Sport renaissance under the management of Beltone Egypt S.A.E

During the Press Conference held on the 18th of February 2018 under the patronage of Egyptian Prime Minister – Engineer Sherif Ismail, Banque Misr announced launching "Egyptian Sports Fund" the first Charitable Investment Fund. The "Egyptian Sports Fund" is authorized by the Financial Supervisory Authority to collect funds and invest them so that the revenue can be dedicated to supporting the Egyptian Sports renaissance. Moreover, the Press Conference was held in the presence of Eng. Khalid Abdel-Aziz Minister of Youth and Sports, Dr. Sahar Nasr the Minister of Investment and International Cooperation and the Chairman of Banque Misr and Founder of Egyptian Sports Fund – Mr. Mohamed Eletreby. In addition, the Head of Beltone Egypt S.A.E – Mr. Sameh Al-Torgoman and Head of Egyptian Olympic Committee – Eng. Hesham Hattab attended the Press Conference as well.  The Main purpose of "Egyptian Sports Fund" is to support and strengthen the renaissance of the Egyptian Sports in order to reacquire its position by placing Egyptian Sports on the same track of International Sports. The idea of such charitable investment fund takes place in the context of the business plan adopted by Banque Misr in coordination with the Ministry of Youth and Sports and the Egyptian Olympic Committee.

Further, Egyptian Sports Fund is determined to reach its main objective through a well-studied program on all levels to achieve the highest degrees of international eminence in sports and this in collaboration with Egyptian Olympic Committee, competent sports federations and the Ministry of Youth and Sports. The Fund's objective will be realized by providing the Players and Technicians with Financial and Technical support and by contributing to finance international training sessions, within all the fields of preparing the Athletic Champion, so as to prepare Egyptian Athletes whom have capability to take part in international and Olympic competitions, so that athletes can represent Egypt abroad. Also, Egyptian Sports Fund is determined to let the beneficiaries of this program reach up to 70 Egyptian Youth throughout the first 3 years as of launching this Investment Fund, and determined as well to cooperate with Egyptian Sports Federations in order to finance the development of the administrative and marketing systems of these federations.

It is worth pointing out that, "Egyptian Sports Fund" is represented in the form of private property fund for a renewable period of 16 years and this pursuant to the provisions of Egyptian Capital Market Law and its Executive regulations and under the supervision of Financial Supervisory Authority. This Fund constitute of 5 million paid-in capital, as a first stage (Banque Misr Contribution to the Fund), in order to enable the Fund to issue Initial Public Offering with an initial amount of 250 Million EGP, in the first half of the year, as a First stage of the plan that; targets increasing the value of the Fund to reach One Billion EGP through three stages within 18 months as of launching the Fund. The Initial Public Offering (IPO) will take place in March 2018, relying on Egyptian and Foreign Banks and Institutions in addition to any qualified individual investor, and First stage is then followed by the Second stage in the second half of 2018 and later on the Third stage will take place in the first quarter of 2019. And as an initial phase, the collected Funds will be invested in the debt instruments with fixed income.     

Furthermore, Beltone Egypt Financial Holding S.A.E holds and assumes all the duties and responsibilities of the Investment Manager, as well as Alliance Law Firm manages the works of the Fund's Legal Consultant this in addition to assigning the Auditing duties to both "Ernst & Yung" and "Baker Tilly". Moreover, the Fund's Board of Directors will coordinate with Sponsors and International Organizations to support the activities of the Fund directly either through providing the Fund with Financial Support or In-kind Support.

It is crystal clear that, Banque Misr's initiative to establish "Egyptian Sports Fund" stems from Banque Misr pioneer role in the National Responsibility, as National Responsibility is one of the main pillars that Banque Misr believes in, also National Responsibility is the basic pillar of growth and development in all fields.