Wednesday, January 13, 2016

News: 3 Officials in Grand Egyptian Museum Charged with Wasting Public Funds

CAIRO: Three officials at the Grand Egyptian Museum (GEM) were charged Wednesday with wasting $20 million of public funds, Youm7 reported.

According to the prosecution, the three officials committed costly administrative mistakes. The charged officials include the GEM Restoration Center Executive Manager, the head of the Engineering Committee tasked to construct the GEM, and GEM Section of Stores director.

In October 2015, an inquiry was issued after several media reports claimed the embezzlement of financial aid worth 150 million EGP ($20M) that had been granted by foreign organizations to support the construction of the GEM.

The GEM is scheduled to house over 100,000 artifacts including the treasures of Pharaoh Tutankhamen to be exhibited in 2018. AP quoted Damaty as saying that GEM’s directorship will be “international and independent.”

In 2006, the Japan International Cooperation Agency (JICA) granted Egypt a concessional loan worth U.S. $400 million with a 1.5 percent interest rate over 30 years, and a grace period of 10 years, to construct the museum, Technical Supervisor at the Executive Committee of the Grand Egyptian Museum Wagih Hanna previously told the Cairo Post
Source: Cairo Post– By/  The Cairo Post

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