L.E. 100,000,000 to support the BA
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In an unprecedented step of cooperation between the Egyptian Ministry of Foreign Affairs and the Bibliotheca Alexandrina, and within the framework of the efforts to support the Library, Dr. Ismail Serageldin, Director of the Library and Mrs. Fayza Abu El-Naga, the State Minister of Foreign Affairs signed an agreement whereby a bank deposit of L.E. 100,000,000 was allocated to the Library by the International Cooperation Sector at the Ministry of Foreign Affairs. Being the first of its kind, the interests and proceeds of this deposit will be aimed at financing the needs, requirements and expenses of the Library. This deposit will also allow the Library to achieve its ambitious plans to create new financial channels, which, in turn, will enable it to carry out the cultural role it is entrusted with. The deposit comes as part of the economic facilities provided by the American Aid (USAID).
The Bibliotheca Alexandrina is planning to establish a fund to invest the deposits and donations received from individuals, institutions and companies. This investment will assist the Library in its services provided to the public and will also help boost the budgets of the Library research, cultural and arts centers, exhibitions and conferences activities as well as the maintenance of the Library components.
The initiative of the Ministry of Foreign Affairs is a continuation of its efforts to support the Library and its role as a beacon of knowledge and a source of cultural radiance. The International Cooperation Sector at the Ministry of Foreign Affairs; the Egyptian counterpart of the USAID, has availed L.E. 20,000,000 in the previous fiscal year and another L.E. 23,000,000 in the current fiscal year towards the activities of the Library.
Dr. Serageldin and Mrs. Abu El-Naga praised the efforts of H.E. President Mubarak to boost culture in Egypt and the efforts of H.E. Mrs. Suzanne Mubarak, Chair of the Library Board of Trustees who exerts every possible effort to support the Library.