Finance Ministry approves LE 4.5B urgent allocations in April

CAIRO – 29 May 2019: The Ministry of Finance approved a number of urgent allocations amounting to LE 4.5 billion in April 2019 for the National Railway Authority of Egypt and the Holding Company for Drinking Water and Wastewater to support the efforts of these bodies to manage the needs of citizens.

Allocations included LE 4 billion for the General Authority for Supply Commodities for the monthly financial support for subsidy card items, bread points and differences in the cost of manufacturing bread in April.

The ministry added that LE 98.5 million were allocated as a contribution from the treasury in the capital of the Holding Company for Cotton, Spinning and Weaving to provide the necessary liquidity for the disbursement of employees' entitlements in April 2019.

It also allocated LE 391.6 million for the National Media Authority to meet its financial obligations towards its employees, while an amount of LE 2.57 million has been allocated to the Supreme Council of Culture for employees’ salaries at the Sound and Light Company.

The Egyptian National Railways (ENR) obtained LE 56.6 million from the allocations to finance subsidies to student subscriptions in April, while LE 17.36 million went for the Egyptian Company for Metro Management and Operation to finance student subscriptions.

Moreover, LE 62.5 million were allocated for the Holding Company for Water and Wastewater (HCWW) in April for subsidizing water, and LE 61 million went to the Health Insurance Organization to support students, women breadwinners, and pre-school children.