Egypt directs EGP 6bn in urgent commodity, service finances in July: Maait

Daily News Egypt
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Egypt’s Ministry of Finance has provided EGP 6bn in urgent finances to commodity and service providers during July 2020, according to a ministry statement on Sunday.

The statement added that the urgent financing was granted to: the General Authority for Supply Commodities, the Egypt National Railways, Cairo Metro, the National Media Authority, the National Press Authority, and the Cotton and Textile Industries Holding Company.

The finance aims to enable these entities to fulfil their commodity and service obligations towards citizens in a way that relieves the burdens on their shoulders.

Minister of Finance Mohamed Maait stressed the government’s keenness to provide the necessary cash liquidity for various commodity and service bodies to ensure they fulfil their obligations.

The aim is to help commodity and service providers maintain their capabilities in providing for the needs of citizens, especially the most vulnerable groups.

Maait noted that his ministry has received other requests for financial support from various administrative bodies, and is keen on offering them the support they need as well. The finance provision takes into account public interest and maintaining standards of living, alongside the country’s continued ability to manage the novel coronavirus (COVID-19) crisis.

The Ministry of Finance statement said that, of the finance available, EGP 4bn was set aside for the General Authority for Supply Commodities, representing the value of the monthly financial support for the ration card commodities, bread points differences, and bread-making costs differences.

A total of EGP 400m will be directed towards financing the purchase of the remaining local wheat crop for 2020 season. A total of EGP 220m has been granted to the National Press Authority, in order to fulfil their financial obligations towards employees.

A further EGP 7.4m has been set aside for the Egyptian Company for Metro Management and Operation, to support reduced-price tickets and privileges granted to some segments of Egyptian society. These include the families of martyrs, people with special needs, and elders.

A total of EGP 335.8m has been set aside for the Egyptian National Railways, in addition to EGP 149.9m to support other public transports.

The ministry statement also indicated that the Ministry of Manpower has been granted EGP 500m. The funding will be distributed in the latter ministry’s third phase of financial disbursements to irregular workers, under its irregular employment grant.

A further EGP 120m will be provided to the Cotton and Textile Industries Holding Company to cover the costs of its cotton trading system nationwide for the 2020 season. An additional and EGP 1.7m will be given to support the agricultural experiment in East Owainat in which 250 acres of short-staple cotton is being cultivated.

A total of EGP 195.9m will be contributed to the capital of the Holding Company for Cotton, Spinning and Weaving’s public treasury. The financing will be used to provide the necessary cash liquidity to disburse worker salaries. An additional EGP 15.9m has been granted to the Agricultural Bank of Egypt (ABE), to support the costs of cotton pest control in Egypt.

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