London: The UK Conservative Party has received its largest donation in 20 years from an Egyptian billionaire.

Mohamed Mansour told The Telegraph that Prime Minister Rishi Sunak is "very capable" and "understands how growth is generated in the modern economy."

Mansour gave the party $5 million ($6.2 million), the second-largest individual donation in UK political history, after Lord Sainsbury of Turville gave the Liberal Democrats £8 million in 2019. This donation stopped the party's funding decline, which had allowed the opposition Labour Party to overtake it in terms of revenue generation.

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With the departure of major donors like millionaire Gareth Quarry following the resignation of Boris Johnson as prime minister, the Conservatives only raised £3 million between July and September compared to Labour's £5.4 million. The Tories, according to Quarry, are "riven with arrogance and complacency."

However, Mansour asserted that Sunak "understands the significance of technology and innovation. He is capable of making the modern economy work for all people.

Having experienced the upheaval of the ascent to power of the former Egyptian President Gamal Abdel Nasser, Mansour said he valued stability in government.

Mansour stated in The Telegraph: "The state seized my family's assets when I was a teenager. Gamal Abdel Nasser, the president of Egypt, nationalised the cotton industry under the direction of his Soviet mentors, taking my father's company with it.

He didn't stop there, though. Nasser took my family's land, homes, and other assets because he believed that private property rights should not stand in the way of his socialist ideology.

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"Overnight, my life changed. My family could no longer support me as I left my university in the United States, where I had already started. In order to pay for college, I had to sell my car, get tough, and start working as a waiter. I gained knowledge of what it's like to lack food and struggle to pay for utilities.

I now have a lifelong belief in the value of political stability, property rights, and the rule of law as a result of this experience.

According to him, the UK is "a place where the rule of law is paramount, property rights are respected, and with an enviable record of political stability."

He declared: "I have given £5 million to the party's election fighting fund in order to give (Sunak) the best chance of serving out the full five-year term. I consider what he has accomplished in his first few months in office and wonder what he might accomplish in the next five years.

"I adore and respect this nation, which has treated my family and I with such kindness. It has an honourable past and traditions. I think it still has many wonderful days ahead of it. As I watch my grandchildren grow up, I want to do everything I can to help this nation realise its full potential.

In all UK opinion polls, the Conservative Party is currently trailing Labour by about 17%, and the next general election is scheduled for late 2024.

Mansour serves on the government's advisory investment council and has previously donated to the party in the amount of £600,000.

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He is the chairman of the $6 billion Mansour Group conglomerate, and his personal net worth is estimated to be $2.9 billion.

He previously worked for the late Egyptian president Hosni Mubarak, who was removed from office in 2011, as the country's transport minister from 2006 to 2009.