Egypt’s National Elections Authority has set a cap of EGP 20 million (1.3 million) on campaign financing for each candidate running in the country’s upcoming presidential elections, which are set for 26-28 March. The ceiling for campaign financing during the run-off period – if one were to take place – is set at EGP 5 million ($282,000), the authority said on Tuesday.

Candidates must mostly finance their campaigns with their own private funds, and are allowed to receive donations of no more that 2 percent of the funding limit.
The decision also prohibits contributions from foreign countries, organisations or individuals. It also requires candidates to keep a detailed record of contributions and their sources, which are to be presented to the authority one day after the end of the campaigning period.

The campaigning period will start on 24 February and end on 23 March. Candidates are to deposit the campaign funds in a bank account that will serve as the sole source of campaign expenditures, with the authority to be informed of all transactions. According to the election timeline announced by the authority last week, candidates must register their candidacy between 20-29 January.

If no single participant wins a majority vote in the first round, a run-off will be held on 24-26 April. Egyptian President Abdel-Fattah El-Sisi not announced his intention to run for a second term, although he is widely expected to run and is favoured to win. Several others have announced their candidacy for president, including prominent rights lawyer Khaled Ali, former army chief-of-staff Sami Anan, and lawyer and Zamalek Sporting Club chairman Mortada Mansour.

SOURCE:.egyptdailynews

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