Some websites and social media pages spread news about the absence of control over the revenues and expenditures of the Egyptian Endowments Authority.
The Media Center of the Council of Ministers contacted the Ministry of Endowments, which denied the news, confirming that there is no truth to the absence of control over the revenues and expenditures of the Egyptian Endowments Authority.
The ministry explained that the Egyptian Endowments Authority is subject to both financial and legal oversight, as a monthly report is prepared and submitted to various supervisory authorities to review the authority’s accounts.
She stressed that the endowment funds are of a special nature that cannot be wasted or compromised, rather they are optimally utilized for the purposes assigned to them, pointing to the Ministry’s investment of the endowment money on scientific and economic grounds through specialized national economic expertise, to achieve the best investment return, and to contribute In community service in accordance with the conditions and legal controls regulating endowment affairs, which translates into record numbers in its revenues, which the authority announces in succession.
In a related context, the Egyptian Endowments Authority has achieved new records in profits and revenues for the eighth month in a row, as it achieved 124,658,351 pounds during February 2021, an increase of about 35 million pounds from the highest previous similar month, to reach the total of what was collected in the first eight months. From the current fiscal year, revenues and profits are 1,070,690,857 pounds, an increase of 197 million pounds over the same period last year, an increase of 22.7%.
The article The Government denies the absence of control over the revenues and expenditures of the Endowment Authority.