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Latest Satellite News Discussion, Cash-strapped ERTU rescued with E200m at General Satellite News forum; Egypts giant public broadcaster, for some time suffering near-bankruptcy, has been rescued with a Egy200 million cash injection (27.14). Egypts ...

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Cash-strapped ERTU rescued with E200m
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Cash-strapped ERTU rescued with E200m - 22-July-2012, 16:00

Egypts giant public broadcaster, for some time suffering near-bankruptcy, has been rescued with a Egy200 million cash injection (27.14). Egypts Radio and Television Union ERTU) has struggled for years with massive over-manning, and more than a few cases of senior level corruption, and while the Arab Spring revolution brought with it some potential benefits for Egypt, the broadcasters cash was depleted to such an extent that salaries could not be paid. The ERTU is housed in the giant Maspero tower building, the focus of many of the demonstrations against the Hosni Mubarak regime.

This emergency cash injection comes in the form of Egy100 million from the state, plus another Egy100 million in the form of a loan from the state-backed National Investment Bank. The cash was said to have been transferred on Saturday July 21in order to pay outstanding salaries.

The cash officially goes to Egypts Ministry of Information, which is not helped by having a massive debt burden of some Egy17 billion and with little likelihood of repayment. Mrs Fayza Abul Naga, Minister of International Cooperation, in a statement July 20 said meetings were scheduled to discuss the debt crisis at the Ministry/ERTU.


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