Friday, March 5, 2021

Minister of Sports: 1.3 billion pounds of proceeds from investment offering projects at youth centers

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The Minister of Youth and Sports, Dr. Ashraf Sobhi, announced that the investment returns for investment offering projects under the usufruct system, implemented by the private sector in youth centers in the Republic, as part of the investment offering in youth centers, which was launched in August 2018, amounted to one billion and 300 million pounds.

Subhi explained – in a statement today, Saturday – that the combined construction value of these projects amounted to approximately 826 million pounds, and the usufruct value amounted to approximately 513 million pounds, which comes for the purpose of investing unused spaces in youth centers to establish sports and service projects on them in partnership with the private sector.

The proposed projects included (swimming pools, five-a-side courts with artificial turf, acrylic playgrounds, legal fields for artificial turf and natural grass, physical fitness halls, game halls, children’s amusement parks, and squash courts) in addition to some various service projects.

He stressed the ministry’s keenness to expand investment offering projects in various youth centers, sports and social clubs in the various governorates of the Republic, as it comes without any financial burdens on the ministry’s budget. In addition, it is one of the basic elements in order to establish a strong basic infrastructure for youth centers, which greatly contributes to building Egyptian Prime Time Zone by providing those various sports services for young Prime Time Zone and men

For his part, Dr. Muhammad Abdel Qader, Assistant Minister of Youth and Sports for Youth Centers, indicated that the Ministry of Youth and Sports receives 25% of the usufruct revenues for the project, which are re-injected to develop youth centers in villages and areas that are not attractive to investment, while youth centers benefit from 75% of those revenues As a self-financing source that contributes to the implementation of various sports activities without the need for support from the ministry.

By implementing these investment projects, the Ministry of Youth and Sports aims to provide the construction infrastructure for youth centers, create continuous self-financing sources for centers, expand the activities and services provided, and attract youth and families to youth centers.

Source: A.A.A.

The article: Minister of Sports: The proceeds of the investment offering projects at youth centers were EGP 1.3 billion, written in the Al-Borsa newspaper.

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Minister of Sports: 1.3 billion pounds of proceeds from investment offering projects at youth centers