President of The United Bank

22/03/2022

 

President of The United Bank

Participation in the Egyptian Sports Support Fund lays a foundation for the growth of the sports economy and its localization

 

Ashraf El Kady: President of The United Bank

• The fund will contribute to localize sports industry.
• Three economic, social and educational implications for the localization of the sports industry and the empowerment of athletes.
• Empowering sports talents to raise the profile of Egypt in international forums.
• Promising investment opportunities for the small, medium and micro enterprises in the sports field.
• Developing sports education and developing scientific research.
• 5 goals for the Egyptian Sports Support Fund.

 

Cairo: March 22^nd, 2022

 

The United Bank participated today as one of the shareholders in launching the first Egyptian Sports Support Fund under the auspices of the Ministry of Youth and Sports and Banque Misr. With the participation of Dr. Emad Al-Banany and Dr. Suzan Hamdy - Sports Fund Managing directors, and Dalia Shafik - the CEO and Managing Director of Bluton Investment Funds Management and the fund's board of directors. As well as a selection of chairmen of the boards of directors for a number of financial institutions. In addition to a group of specialists in sports sciences, academics, economists, businessmen and elements of the sports movement in Egypt.

 

The fund will contribute to the localization of the sports industry.

 

Commenting on The United Bank's contribution of one million pounds to the fund, Ashraf El Kady - President of The United Bank - says that the Egyptian Sports Support Fund lays the foundation stone for the growth of the sports economy and its localization at the social, economic and educational levels.

 

Three Economic, social and educational implications for the localization of the sports industry.

 

First: On the social level - at the level of maximizing the empowerment opportunities for sports talents - where the sports Fund contributes to support talents and providing aspects of technical and material support to sponsor them in various types of sports and at the level of the Republic. With the aim of creating a generation of talented professionals who are able to achieve Olympic sports tournaments, which contributes to the promotion of Egypt's name in international forums.

 

El Kady added that we have many successful sports models that etched the name of Egypt with threads of light internationally, whether in individual games or team games, led by star Mohamed Salah and Feryal Ashraf. As well as talented people of determination who have managed to achieve many championships in a number of Olympic Games.

 

At the citizen level, sport contributes in increasing the productive human energies and mood of the individual, which contributes in achieving the health welfare of the citizen and is reflected in increasing his productivity and his contribution to building the national economy to achieve comprehensive development. The World Health Organization confirmed and stressed the importance of exercise on public health and human mental health.

 

Promising investment opportunities for the small, medium and micro enterprises in the sports field.

 

Second: On the economic level: The process of localizing the sports industry contributes to maximizing investment opportunities in the sports and commercial fields through the direct and indirect growth of the small, medium and micro enterprises sector.

• By opening wider horizons for sports’ tourism and investments based on various sports activities such as sports clubs and institutions. As well as rehabilitating the sportswear industry, as well as sports’ tools and commercial activities based on them, which contributes to moving the market and increasing the activity of internal and external trade alike.
• By increasing employment and employment opportunities that contribute to eliminating unemployment in many areas, including: training, sports management, rehabilitation of sports cadres and talent management.

 

The development of sports education and the development of scientific research

 

Third: At the level of education and scientific research: The process of localizing the sports industry works to develop and improve the opportunities for specialized education and the development of educational facilities based on sports in many fields, including: sports medicine, sports sciences, and the rehabilitation of technical and administrative cadres, as well as the development of the scientific research sector specialized in the field of sports.

 

It is worth noting that the Egyptian Sports Support Fund is the first specialized charitable investment fund in Egypt that was established as an Egyptian joint stock company. Licensed by the Financial Supervisory Authority to raise and invest money and then spend its revenue on supporting the renaissance of Egyptian sports. This was done in coordination with the Ministry of Youth and Sports, the Egyptian Olympic Committee, sports federations and Banque Misr.

 

The fund aims to provide direct and indirect financial support to care for young and talented people, provide full care to Egypt’s players in individual and team games, and prepare them for international tournaments and Olympics.

 

The maximum fund size is 250 million Egyptian pounds, and the initial target size during the subscription period is 50 million Egyptian pounds (fifty million Egyptian pounds) distributed over 500,000 deeds with a nominal value of 100 Egyptian pounds / per deed.

 

The United Bank's contribution to the Egypt Sports Charitable Fund comes in the amount of one million pounds (one million Egyptian pounds), representing 10 thousand documents with a nominal value of 100 pounds / document. The term of the fund is 16 years, starting from the date on which the fund acquired the legal personality. The investment in the fund is managed by Beltone Investment Fund Management.

 

Five goals of the Egyptian Sports Support Fund:

• Providing the necessary support for the technical, social, medical and psychological care of the athletes throughout the preparation period for the Olympics and world championships.
• Supporting the sports renaissance from outside the framework of the state’s general budget.
• Reaching the players sponsored by the Fund to the highest levels of preparation, readiness and professionalism to obtain Olympic championships and medals.
• Solve all obstacles and overcome difficulties that face sports players before tournaments or during preparation periods for various tournaments.
• Lifting the financial burden on the shoulders of the state and sports federations during the preparation of champions and the establishment of camps that cost millions of pounds, which reduces the burden on the shoulders of the Ministry of Youth and Sports, the Olympic Committees and the sports federations.