Cairo – Mubasher: The Egyptian Ministry of Finance approved urgent allocations of EGP 28.17 billion for seven state-owned bodies for the first half of fiscal year 2019/2020.

The government approved an allocation of EGP 24.926 billion to the General Authority for Supply Commodities (GASC) as well as the issuance of guarantees at a value of $970.2 million for the purchase of 4,185 tonnes of imported wheat, the finance minister Mohamed Maait said in a statement on Sunday.

Moreover, a total of EGP 262.7 million was allocated to the Egyptian National Railways (ENR) and EGP 265.1 million was directed to the Egyptian Company for Metro Management and Operation to finance subsidised student subscriptions.

The allocations also included EGP 493.2 million to the Holding Company for Water and Wastewater (HCWW) and EGP 366.6 million to the Health Insurance Organization to support students, women breadwinners, and preschool children.

Furthermore, the finance ministry also allocated EGP 1.059 billion to the National Media Authority and EGP 15.5 million to the Supreme Council of Culture to meet their financial obligations towards the employees.

A total of EGP 786 million was allocated as a contribution to Cotton & Textile Industries Holding Company in order to provide the required liquidity to pay the dues of employees.