Youth centers required to open bank accounts and deposit 10% of revenues
The Ministry of Youth and Sports has decided tomandate youth centers to open a separate bank account at a national bank supervised by the Central Bank of Egypt. Ten percent (10%) of the total revenues from the center's facilities and amenities should be deposited into this account, excluding subscription revenues. This amount is allocated for development, capacity building, and maintenance, with the commitment to transfer a portion of the unspent funds every three months to the Ministry; this portion should not exceed 30% of the current balance, and the Minister is authorized to increase this limit. The decision takes effect the day after its publication and aims to ensure the development of youth centers’ capabilities and improvement of their facilities.
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