Finance Ministry offers new financial contributions of 4.9 bln pounds in Egypt

The Ministry of Finance has allocated urgent financial contributions with a total value of 4.9 billion Egyptian pounds ($276 million).

The allocated sum is for the Health Ministry, the General Authority for Supply Commodities (GASC), the Egyptian National Railways, the National Authority for Media and the National Agency for Journalism.

The contributions include 3.4 billion pounds for GASC as ration cards subsidies in addition to issuing bank guarantees at $78 million for importing 350,000 tons of wheat.

The urgent funds also contain allocations for the General Authority for Health Insurance worth 60 million pounds, which will be used to support to female heads of household, students, and children under school age.

It also includes 220 million pounds for the National Authority for Media and 175 million pounds for National Agency for Journalism both so the agencies can pay salaries.

Another 98.5 million pounds was allocated for the Holding Company for Cotton Spinning and Weaving also for the purpose of paying salaries, in addition to providing 123.7 million pounds for the National Railways Authority.

17.5 million pounds more was offered as a support for school and university student’s Metro tickets.  350 million pounds is included for the Health Ministry to be able to save the basic needs such as dairy and the import of pharmaceutical drugs. As well as allocating 100 million pounds for the Egyptian Grand Museum.

Part of the grants went to three companies affiliated to the Holding Company for Irrigation and Drainage for October 2017 use, in addition to allocating 62.5 million pounds as subsidy for the Holding Company for Drinking Water and Wastewater.