UA-R-GC-1914-01-01-1972-06-29_Page-001

THE AMERICAN UNIVERSITY IN CAIRO Minutes of the Meeting of the Executive Committee of the Board of Trustees Thursday, June 29, 1972 12:00 p .m. The Recess, New York City Present were Messrs . Battle, Bickford, Black, Crary, Simpson, Thorne, Van Vleck, Mrs . Sanders and Mr . O'Connor as Executive Secretary. The Business Manager, Mr . Nichols, was also present . The meeting was called to order at 12:10 p.m . by the Chairman of the Committee, Mr . Crary. 1 . London Meet1ng regarding the Egyptian Pound Endowment Fund Mr o Thorne reported that he and Ambassador Battle held wide-ranging discussions with Messrs . Kaissouny and Abdul-Hamid of the Egyptian National Bank for Foreign Trade and Development . This Bank has been expanded to include matching capital from Lybia and Kuwait and its name has been changed to the Arab International Bank . Dr . Kaissouny believes that Egypt is returning to its historical position of favoring foreign investment and noted that under the investment law of 1971 "free zones" have been established which permit foreign investment and exports with minimal restrictions. Messrs . Kaissouny and Abdul-Hamid indicated that there is a possi-bility that AUC could earn not only Egyptian pounds but some dollars through investing the Pound Fund in "free zone" opportunities , They also estimated that the final total size of the Fund should be approxi-mately LE . 45 million, which means that the Bank is contemplating a 4-5% return on the investment . Mr. Thorne noted that the present idea is that the University o