In Egypt, the public spending on social security network accounts for 37% of the state’s budget, said Ahmed Darwish, the former Minister of Administrative Development.
The North African country had spent around EGP 250 billion on the social security network by end of June-2014.
Despite the enormous spending on the social network, more efforts on the ground needed to be done in order to reach tangible and directed results, he noted during a keynote speech at Fawry’s first financial inclusion conference held this morning in Cairo.
Fawry – Egypt’s leading nationwide Electronic Bill Presentment and Payment (EBPP) – is organising a one-day financial inclusion conference; ‘Towards Greater Access to Financial & Government Services in Egypt’.
The event is held among strong participation from both local and foreign institutions as well as officials from the Egyptian government.