Egyptian army gives 1 billion pounds to El-Sisi's initiative

Ahram Online, Thursday 26 Jun 2014

Army echoes president's gesture to donate to Egypt's troubled economy with a donation from its various business enterprises

Egypt's Defence Minister Sedky Sobhy said on Thursday that the army's companies will give up LE1 billion ($140 million) to support the country's ailing economy, as per an initiative launched this week by President Abdel-Fattah El-Sisi.

A statement by the army said that the donation from the arm's national service projects comes as a continuation to the armed forces' commitment to the Egyptian people.

The money will be placed in an account announced by El-Sisi under the name "Long Live Egypt," which was his presidential campaign slogan.

On Tuesday, El-Sisi announced he will donate half of his monthly salary and half of his wealth to support the Egyptian economy – battered by three years of political turmoil, with increasing unemployment and inflation rates.

The next day Prime Minister Ibrahim Mahlab said he would make a similar donation.


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