The Ministry of Finance has started carrying out a few new measures to inject LE 15 billion to shore up the local economy and new investments. These measures include some additional LE 12 billion in public spending through the state budget and economic authorities. Al-Masry Al-Youm has learnt that the National Investment Bank has started distributing money to the state's different organs and sectors according to time schedules going as far as the end of the 2008/2009 fiscal year. The bank started doing so after receiving the government's green light to the financing of investments and open projects. The government's investments in the budget should be as high as LE 40 billion. Speaking exclusively to Al-Masry Al-Youm, the bank president, Amr el-Garhi, said the money would be collected through the State Treasury's account in the bank and would then be allocated to roads and bridges (LE 1 billion), potable water and sanitation (LE 1.5 billion), the national authority in charge of potable water and sanitation (LE 3.5 billion), the Ministry of Trade and Industry (some additional LE 2.6 billion to give further support to exports), industrial areas in the Delta (LE 400 million), the infrastructure of the internal trade sector (LE 200 million), local development projects nationwide (LE 800 million), the Ministry of Health and Population (LE 400 million to build health units), the construction of schools (LE 150 million), and subsidized services (LE 182 million). El-Garhi said any consequence of the increased spending on the State budget would be compensated over the next few years, denying any concern over a possible increase of the budget deficit equal to the pace of economic revitalization and the rising growth and employment rates. He pointed out that the bank's investments in the banks and different companies, such as cement and yarn, would be monitored. He also said they are good investments, affirming that over the next year the focus would be on helping companies which need to boost their financial positions. He explained that the bank is following from up close the effects of the global financial crisis on its investments in the different companies, denying fears of any possible consequence. He said time is not appropriate to sell any asset or investment in light of the global crisis repercussions. He also affirmed there is a tendency to increase the Arab Investment Bank's capital to LE 500 million in the near future in a way that is in line with the 2003 law about increasing the capitals of banks operating in the market.
