Egypt allocates EGP 28.17 bln for urgent commodity and service needs

Egypt has allocated EGP 28.17 billion Egyptian pounds ($1.78 billion) for urgent commodity and service needs for a period of six months, the finance ministry said in a statement on Sunday.

Around EGP 25 billion of the money has been earmarked for the General Authority for Supply Commodities (GASC), the state's grain buyer, the ministry said.

The ministry said it had approved "a number of urgent appropriations worth EGP 28.17 billion during the period from July to December of the 2019/2020 fiscal year."

The money is aimed at supporting the government's efforts to provide basic commodities and support the transportation system, water and sanitation systems" the statement added.

Part of the funds was directed towards the health sector to support women and students, while another sum was allocated for two state media and press authorities as well as a holding cotton and textile company to help pay employees salaries.