President Abdel Fattah El Sisi issued a presidential decree for establishing "Long Live Egypt" fund, presidential spokesman Alaa Yousef said.
The fund will be based in Cairo and will have branches across the nation.
The president will supervise the fund according to the presidential decree, the spokesman said.
The fund will help the government carry out development and service projects and develop slum areas.
"Long Live Egypt Fund" was launched after a speech given by Sisi on June 24 asking Egyptians to donate money to help the country throughout its current economic crisis.