The Egyptian Initiative for Personal Rights has launched a new report that details the loss to the Egyptian Treasury though tax avoidance.

The report was written by Osama Diab, an alumni of the Finance Uncovered programme. It analyses Egyptian government data and finds that between 1970 and 2013 $12bn was invested from tax havens. Using an estimate of a return on capital of 20% the report finds that the Egyptian treasury could be losing 5bn Egyptian pounds (€590m) a year through tax havens.

The report is currently in Arabic only. An English version is in the pipeline but the website Mada Masr has covered the report on their website.