Once again, the "Long Live Egypt" fund - which is sponsored by Egyptian President Abdel Fattah El-Sisi - has returned to stir up controversy after obtaining more exclusive and unprecedented benefits, which no fund has had in the history of the country's funds.

This came after the Egyptian Parliament, headed by Hanafi Jabali, approved - Tuesday - to amend Law No. 84 of 2015, in order to exempt the revenues of the "Long Live Egypt" Fund and the credit facilities granted to it from all taxes and fees of any kind, whether current or issued in the future.

These amendments granted the fund - which is not subject to any real control according to a decision issued by Sisi in July 2015 - an exceptional status with infinite privileges that were not available to any other government agency except for the armed forces and its affiliated agencies.

Parliament agrees to exempt "Long Live Egypt" Fund from all taxes and fees currently imposed or to be imposed in the future pic.twitter.com/HynJSW3f7x

- Al Jazeera Egypt (@AJA_Egypt) April 27, 2021

Parliament agrees to exempt "Long Live Egypt" Fund from all taxes and fees currently imposed or to be imposed in the future, and


Long Live Egypt 3 times

- The Lotus Flower (@ NORMORSY38) April 27, 2021

The state of law and the law against it ... and he is the one who made the Long Live Egypt Fund whose goal is to work for projects for the benefit of the country, he pays taxes and fees to the country as well 🤔 pic.twitter.com/BeZLn9uwnv

- Diver in the Web of the Web (@wshazly) April 27, 2021

Say, don't say ..


Masahooh is the Long Live Egypt


Box. Its name is the


Swallow

Egypt

Box.

- You h̸o̸s̸s̸a̸m̸ = La (@ IixGrges5muhmd) April 26, 2021

The sovereign fund is its key in the pocket of # Sisi, as it was previously announced, and it is not subject to any kind of oversight, and the same is the Long Live Egypt Fund under the domination of the military ... outside of control,


but the state's general budget is approved by the parliament and is subject to the regulatory authorities in general, except for the army’s allocations, which is an overall number outside of control.

- Dr. Mustafa Gawish (@drmgaweesh) April 22, 2021

Unprecedented adjustments

The new amendments approved by the Board exempted the Fund from fees for real estate and documentation, and the authentication fees for signing any contracts to which the Fund is a party, and the taxes and customs fees on everything it imports in terms of equipment, devices, etc., and finally on all gifts, gifts, donations and grants received by it. From outside.

The idea of ​​exemption from future taxes raised the objection of MPs Ahmed Fouad Abaza, who suggested deleting them in order not to cause a stone in the opinion of the parliament later, and MP Abdel Hamid Al Demerdash, who believed that it might raise the suspicion of unconstitutionality, but the parliament did not heed the remarks and approved the amendments by majority.

Infinite privileges for the # Sisi fund ..


Parliament approves the total articles of a draft law submitted by the government to amend the "Long Live Egypt" Fund law, with the aim of exempting it from all types of taxes and fees. Pic.twitter.com/CaiCWJZ1OW

- Monitoring Network (@RassdNewsN) April 28, 2021

Not all of his activities are charitable

Although the "Long Live Egypt" Fund carries out various charitable activities, its activities do not depend on charitable work, but rather extend to profit-making activities, as the law guarantees the right to establish companies fully owned by it, or to contribute to the capital of other companies, whether they are publicly owned. Or private.

The establishment of the "Long Live Egypt" Holding Company for Investment was announced in June 2018, and it includes 6 companies operating in the activities of the cancer medicine industry, establishing and managing schools, electronic marketing, financing small and medium enterprises, and developing the industry and stalled factories.

A member of the Board of Directors of the Egyptian Tax Association, Abdel-Rasoul Abdel-Hadi, considered - in press statements - the amendment of the law as a weighting of the authority for the companies established by the fund and placing them in unfair competition with their competitors.

# Source | Establishing the Tahya Misr Holding Company for Investment with a capital of 200 million pounds https://t.co/8bP2fRDn57 pic.twitter.com/PMUYEEOlf7

- Source (@AlMasdarGate) June 28, 2018

#Egypt News

Long Live Egypt Holding and a global company will launch electric cars in Egypt on Wednesday

The Digital Egypt Gate Company, one of the "Long Live Egypt Fund" companies, revealed its cooperation with Dolibat Misr for Electric Vehicles in order to present a future vision for electric cars in Egypt.

pic.twitter.com/pAKEGfpkqB

- Amir (@ Amir72358401) January 24, 2021

"Long Live Egypt" establishes a company to market surplus capacity in government factories: The holding company for the "Long Live Egypt" Fund entered into a partnership contract with two investors in the sector ... pic.twitter.com/D0N9jatpSs

- mirage brokerage (@ miragebrokerag1) October 17, 2017

A hotbed of corruption

The "Long Live Egypt" fund is constantly raising controversy due to the secrecy of its accounts and not being subject to any oversight. In previous statements to Al Jazeera Net, the economist Mohamed Rizk criticized the imposition of secrecy on the fund’s accounts, saying that “The Long Live Egypt Fund is a container in which state property and proceeds are placed. Donations are far from being monitored by state agencies charged with controlling public funds. "

Rizk - an Egyptian-American businessman - described the fund as a vaguely bastard entity that no one knows the outcome of the money that enters or exits from it, as well as its source, which is considered a great place for corruption and a vessel in which state property can be hidden. To sell state property, or assign it to others, away from the laws and the oversight of state agencies.

The president's first thoughts

It is worth noting that the "Long Live Egypt" Fund was the first of the ideas of Egyptian President Abdel Fattah El-Sisi after he took office in 2014, and he revealed it in July of the same year, calling on businessmen to pump 100 billion pounds into the fund, which is equivalent at that time to more than 14 Billion dollar.

Al-Sisi presented the donors, as he said that he personally donated half of his 42,000 EGP salary and half of the wealth he owns for the benefit of the fund, amid great media coverage, without revealing the size of half of his wealth that he donated, and said at the time that he aims to collect at least 100 billion pounds.

Since that time, advertisements have been coming from companies, businessmen, athletes, and artists, and even state institutions such as the Ministry of Endowments, Al-Azhar Sheikhdom, and judiciary institutions have announced their donation to the Long Live Egypt Fund.