Prime Minister Ibrahim Mahlab held a meeting with the cabinet's economic team and a number of businessmen to activate the "Long Live Egypt Fund" (Tahya Misr) and outline the fund's strategic and legal framework.
The fund would help boost the national economy and decrease poverty, the cabinet said.
Egypt's President Abdel Fattah El Sisi donated EGP 500,000 to the fund's bank account he recently opened to field donations to improve the country's economy.
The Long Live Egypt Fund was launched after a speech given by Sisi on June 24 asking Egyptians to donate money to help the country through its current economic crisis.