Cabinet denies allocating EGP 9 billion from state budget for AFCON

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Sun, 30 Jun 2019 - 09:53 GMT

BY

Sun, 30 Jun 2019 - 09:53 GMT

Egyptian Cabinet's meeting - Photo courtesy: Cabinet official Facebook page

Egyptian Cabinet's meeting - Photo courtesy: Cabinet official Facebook page

CAIRO, June 29 (MENA) - The cabinet's media center has denied reports about allocating EGP 9 billion from the state budget to cover the African Cup of Nations (AFCON) hosting costs.

In a statement released on Saturday, the center said that it had addressed the Ministry of Youth and Sports, which dispelled these reports altogether, noting that the tournament is being funded by 32 sponsors without detriment to the state budget.

Highlighting the multiple advantages of hosting the championship, the ministry stressed that the landmark event does not only provide financial gains, but its also has its political and cultural benefits for Egypt.

Thanks to the large number Arab and African tourists visiting the country during the event, which amounted to 700,000, the state's tourism revenues are expected to hit $20 million, the ministry noted.

It added that all such reports are mere rumors seeking to stir up public opinion.

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