Financial Resources
Since the project received the government’s approval on May 11, 2011, Zewail City’s chairman of the board, Dr. Ahmed Zewail, has initiated a national fundraising campaign called “Egypt Can”. So far, Egyptians, both inside the country and abroad, have participated in supporting Zewail City with individual donations ranging from 5 to 250 million Egyptian pounds.
The goal of Zewail City is to reach a $1 billion endowment and a $1 billion fund for the building and operation of the City.
The financial support for the university and research institutes will come from private donations, tuition and line item research and development (R&D) government annual funding. Tuition fees will cover the basic operating costs of the university. A scholarship program is established to support exceptional students based on a merit-based system. Donations and interest from the endowment will be directed to R&D activities in the research institutes.
The first institute established at Zewail City, supported by a generous donation of 250 million Egyptian pounds, was named, as approved by the board, the Helmy Institute for Medical Sciences, in appreciation of Dr. Hassan Abbas Helmy’s contribution to this national project for Egypt’s future.
A special endowment has been set up for Zewail City called the Fund for Renaissance in Education and Development (READ Fund). Many donations have been made to this fund including two significant contributions from Egyptians living abroad. Zewail City also signed a memorandum of understanding (MoU) with the National Bank of Egypt, whose board has pledged 250 million Egyptian pounds to the City, in addition to Banque Misr, among other institutions. Zewail City’s board hopes to reach the desired level of endowment by the end of the campaign period.
Zewail City has also signed an MoU with Misr El-Kheir Foundation and is in the process of finalizing similar agreements with other organizations, foundations, and individuals.