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New capital project’s budget separate from state’s, says finance ministry

Wednesday 05 December 2018 10:42 AM

new administrative capital
new administrative capital

Egypt’s finance ministry yesterday denied recent reports, which claimed that the government had allocated part of the state’s budget to finance the country’s New Administrative Capital project.

In an official statement, the ministry said that the rumours, which have gone viral on social media, were “baseless.”

“The New Administrative Capital project has an independent budget separate from the state’s general budget,” the ministry stressed.

The mega project, the statement explained, is being funded through land sales to investors.

“All the circulated rumours on the matter aimed at provoking anger among Egyptians,” the ministry warned, calling on local media outlets “to be cautious ahead publishing news that may lead to confusion among the public.”
Egyptian social media activists recently denounced the country’s government for “increasing the state’s financial burdens by dedicating part of its budget to the New Administrative Capital project.”

The mega project, which was initiated by the incumbent president Abdel Fattah Al-Sisi, was said to have aimed at moving the government institutions and buildings away from Cairo’s congestion, deal with the country’s rapid population growth rate and improve the nation’s infrastructure.