Donors eager to see Egypt turn an economic corner after the ouster of Mohammed Morsi can now directly forward money into the country’s national bank.
The “Support Egypt” fund — which uses the number 306306 to signify the June 30th protests that led to Morsi’s removal from power — will aim to support the nation’s struggling economy.
Business associations nationwide have rushed to inject donations. According to Fathy Morsy, head of Behiera’s chamber of commerce, the Behiera investors association are set to donate EGP 5m in individual trader contributions, as the law prevents any chamber of commerce from donating without the confirmation of minister of industry and foreign trade.
“It’s very important for Egypt to be financially independent,” said deputy head of Cairo Chamber of Commerce Ali Shoukri. “I believe that we won’t resort to a confirmation from the Ministry of Trade and Industry because it’s dissolved now, so the decision of donation will be taken by the board of directors indeed.”
A year ago, Morsi’s regime launched a similar campaign, dubbed “Egypt’s Renaissance” (with a similar buzzy account number).
“People harshly condemned the first campaign of 333/333, calling it humiliation,” said Magdy Toulba, an economic expert.” But now people believe that the nation is bleeding and we should do our utmost effort to heal its ailing economy.”
In June, Egypt’s finance ministry reported a nearly $30 billion budget deficit for the first 11 months of the 2012/2013 fiscal year.
Source: Business Insider
