EGP 80bn total losses of  “Maspero” and “Railway” and “GARPAD”

Abdel Razek Al-Shuwekhi
3 Min Read

The Parliament’s Budget Committee decided to ask the parliament to form a fact-finding committee to monitor violations in three economic bodies, including the Egyptian National Railway, the Egyptian Radio and Television Union (ERTU) and the General Authority For Reconstruction Projects & Agricultural Development (GARPAD).

Government sources told the Daily News Egypt that the losses of the three bodies are more than EGP 80bn and the economic reform that the state is going through necessitates a review of these bodies to find out the reasons and how to treat them and turn them into economic bodies that generate financial resources for the treasury.

Talaat Khalil, a member at the parliament said that there are irregularities and financial losses to these bodies and the House of Representatives wishes to investigate these irregularities and losses and find out the reasons.

ERTU during the month of April, has asked the Committee of the budget in the House of Representatives deadline to send a plan for the structure until the beginning of next fiscal year.

The debts of the Union include EGP 8bn of loans from the National Investment Bank (NIB) since 1980, as well as the accrued interest to date, amounting to EGP 17bn, which means that the ERTU is burdened with debts of EGP 25bn billion.

In a statement to Daily News Egypt, the committee representative Yasser Omar said that the ERTU includes 36,000 workers at present and will be reduced to 26,000 in the next three years by reaching the normal retirement age of the workers.

The budget committee sent a letter to the chair of the House of Representatives during the last legislative term to refer the violations of the GARPAD to the General Attorney.

She said that by reading the final account submitted by the Egyptian National Railways Authority during the year the last legislative chapter found losses of EGP 34bn, which requires a separate investigation into the causes of losses and non-exploitation of assets owned by the company.

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