Thursday, February 25, 2021

The government denies deductions from citizens’ accounts in banks to finance projects in the Administrative Capital

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News spread on some websites and social media pages regarding deductions from citizens’ accounts in banks to finance the rest of the New Administrative Capital’s projects.

The Media Center of the Council of Ministers contacted the Central Bank of Egypt, which denied the news, and stressed that the accounts and balances of bank clients are funds belonging to their owners, and it is not permissible to deduct from them or affect them under any name in accordance with the provisions of the constitution and the law, and the Central Bank undertakes its supervisory powers to ensure the safety All deposits and savings.

The Media Center of the Council of Ministers also contacted the New Administrative Capital Company, which also denied the news, and confirmed that financing all projects of the Administrative Capital is completely independent, by relying on the company’s revenues from the proceeds of the sale of lands to investors, as the state succeeded in creating an economic value To the land on which these projects are located, and then direct their spending to finance the construction operations and pay the contractor and workers’ dues.

The company added that the implementation rate of the first phase of the New Administrative Capital projects ranges from 65% to 70%, while the completion rate exceeded 90% in some projects, as the implementation rates in the government district reached about 92%.

The first phase of the Administrative Capital project will be held on an area of ​​40,000 acres, and it includes a number of projects, including 10 residential neighborhoods, the City of Culture and Arts, a sports city, the government district and Parliament.

We appeal to the various media outlets and social media users to investigate accuracy and objectivity in publishing news, and not to pay attention to news of unknown sources that seeks to undermine the confidence of citizens in one of the giant national projects.

The article The government denies the deduction from citizens’ accounts in banks to finance the projects of the Administrative Capital. It was written in the Al-Borsa newspaper.

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The government denies deductions from citizens' accounts in banks to finance projects in the Administrative Capital