The board of the New Urban Communities Authority, headed by the Housing, Utilities and Urban Communities Minister Mostafa Madbouli, has approved the LE33.2 billion body's plan for the current fiscal year.
Within that budget, LE5 billion are allocated for the new administrative capital, LE2 billion will go toward purchasing one million acres and LE2 billion will be used for a similar project in Alamein and the implementation of the Sharm el-Sheikh conference facilities, which were agreed upon with investors during the conference in mid-March.
Madbouli said in a press statement Monday that the new plan aims to complete projects that have been already started, rather than starting new projects, in order to achieve social justice so all Egyptians would be able to own property or land.
The consulting business for the projects to be implemented in new cities, raised during the economic conference, will be initiated soon to provide infrastructure in cooperation with investment companies," said Madbouli.
"The first phase of a project to establish 150,000 medium-level housing units in cooperation with the Armed Forces will be implemented, as well as 50,000 units in the cities of Badr, 6 October and Borg al-Arab with the use of a UAE grant," said the minister.
Edited translation from Al-Masry Al-Youm
