Egypt lost around 79 billion EGP over the past 30 years as a result of poor decision making and indiscriminate spending by former Egyptian president Hosni Mubarak and his regime, in addition to the lack of accountability of those responsible for the mistakes, said a study by the Center for Economic Studies. The study said the most important decisions that had a negative economic impact on Egypt were the project to transfer the ministries to the city of Sadat, the development of a multi-faith complex in Sinai, the Fairuz land deal in Sinai, the phosphate mines in Abu Tartour, as well as projects in East Port Said and the Bay of Suez and the Ramses multistory car park, the development of Egypt's railways, the Toshka canal project and many others. The study focused on the multi faith complex project that was started by late president Anwar Sadat after the signing of the Camp David agreement. The project was to erect a mosque, church and synagogue in Sinai to promote tolerance and understanding. It was also meant to be a symbol of peace and to attract tourism. However, with the death of Sadat the project was shelved. It cost around 25 million EGP in 1980, equivalent to about U.S. $32 million, or 180 million EGP today. The study also discussed the phosphate mine project at length. It was planned in depth which included hiring English and Russian contractors, building housing for the mine workers and railways. The Abu Tartour project has been ongoing since the 1970's and has cost over U.S. $7 billion and is still not complete With regard to the East Port Said project, the study revealed that the project was adopted by the government of Ganzoury during the period from 1996 to 1999. Land was distributed to investors, who were making plans to take advantage of the site location. Agreements were signed with European countries to contribute to the project by extending facilities for it. U.S. $2 billion was wasted on this also uncompleted project.
