Auditors: Egypt Wasted €1 Billion in Aid

June 19, 2013 15:18

European auditors determined that Egypt squandered €1 billion in EU aid over the last seven years. According to the Financial Times, the findings are damning for both the Mubarak and Morsi regimes:

The European court of auditors found that the new Egyptian government that swept to power in the wake of popular uprisings in 2011 had – if anything – demonstrated even less interest than its predecessor in EU-sponsored programmes to foster civil society and protect the rights of women and minorities.

It also warned that Brussels was unable to track about 60 per cent of the aid money after it was transferred to Egyptian government coffers, raising concerns about widespread fraud and mismanagement.

Source material can be found at this site.

In Case You Missed It:  9-11-2001 NEVER FORGET
Posted in Financial and tagged , , , , , , , , .