Egypt's Antiquities Council reports fivefold increase in revenues during FY 2023/24

Minister of Tourism and Antiquities, Ahmed Issa, announced that the revenues of the Supreme Council of Antiquities have multiplied fivefold during the current fiscal year 2023-2024 compared to the previous fiscal year (ending in June 2022), reaching LE 6 billion due to implemented projects.

 

Issa, speaking at the "CEOs" conference on Monday, added that the outstanding debt of the Supreme Council of Antiquities to the state's general budget decreased by about LE 1 billion during the current fiscal year compared to about LE 8 billion in debt at the end of June 2022.

 

He mentioned that the funding of the Supreme Council of Antiquities' expenses from the general budget has approached zero in the current fiscal year (with expenses totaling LE 6 billion, self-funded by the council) compared to funding two-thirds of its budget expenses in the fiscal year 2021-2022, which amounted to a total of LE 3 billion.

 

By the end of the fiscal year 2021-2022, the council's total debt to the budget was seven times its annual revenues, according to the minister.