MADINAH: Prince Faisal bin Salman, governor of Madinah and chairman of the Alshifa Endowment Supervision Council, launched the Alshifa Health Endowment Fund in Madinah on Friday. The fund provides health coverage services for residents who are not covered by free health care services and are not eligible for health insurance to be treated in hospitals. The endowment fund aims to collect assets worth SR200 million ($53.3 million) until 2025, to spend the returns of its investments on endowment banks. The fund is one of the initiatives launched by the Alshifa Endowment to provide an opportunity for individuals and private-sector institutions to contribute to alleviating the suffering of the targeted patients. It also stimulates community participation and triggers the social responsibility of private-sector establishments in supporting non-profit development investment programs. During the ceremony, Prince Faisal handed the health coverage card to the first beneficiary of the Alshifa Health Endowment services. This service is one of the modern models in charitable work as the insurance card covers the costs of basic health needs for those who are not covered by free health care in hospitals. Prince Faisal witnessed the signing of nine agreements between the Alshifa Health Endowment and the Health Endowment Fund, the Home Medicine Association, Damy (Blood Banks Friends Charity), Kibadak (Saudi Charity Society for Liver Patients), Hayat Association, Reaya, Bushra, Tahoor, and GlobeMed. The agreements come within the framework of strengthening cooperation between the council and the signatory parties in supporting the charitable health work system in the region and providing health care to beneficiaries within the endowment services. Prince Faisal also honored eight endowment entities, national companies and businessmen who are donors for the project to establish the Al-Salam Endowment Hospital, with a total value of SR80 million ($21.3 million). It will be located west of the Prophet’s Mosque and aims to provide services to visitors and pilgrims with a capacity of 61 beds, in partnership between the Madinah Health Cluster and the Ihsan Charitable Platform and Alshifa Health Endowment. Vice chairman of the Alshifa Endowment Supervision Council and general supervisor of Endowment Investments, Dr. Bandar Hajjjar, expressed his gratitude to the governor of Madinah for his sponsorship of the Alshifa Health Endowment projects. Hajjjar said that the Alshifa endowment initiatives were qualitative and innovative initiatives funded by the public sector, the private sector, and the non-profit sector. He said that they were a qualitative addition to the health services provided to beneficiaries in the region and contributed to supporting the directions of the Health Sector Transformation Program aimed at achieving sustainable health development and ensuring the availability of all basic health needs for citizens, residents and visitors with high quality and efficiency.