The Egyptian Cabinet’s Media Center denied rumors on Saturday that the state budget spent LE9 billion to host the 2019 Africa Cup of Nations.
The Media Center said that it contacted Ministry of Youth and Sports, refuting the baseless claims of these rumors circulating through social media. The Ministry of Youth and Sports said that the tournament was funded through 32 sponsors, and that the state budget does bear any additional burdens.
The ministry explained that Egypt’s organization of the tournament and hosting it on its land has provided financial, political and cultural benefits, with Egypt’s economy expected to gain US$20 million via tourism.
It added that the number of tourists are about 700,000 from Arab and African countries, which will reflect positively on hotel occupancy rates in Egypt during this period by 70 to 80 percent of different nationalities, and also provide thousands of job opportunities.
The ministry added that Egypt’s organization of the tournament will bring huge investment returns of about $16 million through the stadiums, alongside 20 percent of revenues of the championship obtained by Confederation of African Football, whether they are associated with advertising or television rights and ticket sales.
The ministry stressed that hosting this tournament supports Egypt’s emergence of Egypt in front of the world in security and political stability, in light of the state’s ability to organize this world event without issue, as well being an event that will enhance Egypt’s communication with African countries especially under Egypt’s presidency of the African Union.