Egypt allocates $10bln for new projects: Minister

This allotment will be used in developing 25 projects

  
Image used for illustrative purpose. A Chinese construction labourer works at the site of Iconic Tower skyscraper, at its foundations in the business district, being built by China State Construction Engineering Corp (CSCEC) in the New Administrative Capital (NAC) east of Cairo, Egypt May 2, 2019. Picture taken May 2, 2019.

Image used for illustrative purpose. A Chinese construction labourer works at the site of Iconic Tower skyscraper, at its foundations in the business district, being built by China State Construction Engineering Corp (CSCEC) in the New Administrative Capital (NAC) east of Cairo, Egypt May 2, 2019. Picture taken May 2, 2019.

REUTERS/Amr Abdallah Dalsh

Egyptian Minister of Planning and Economic Development Hala el Said announced that the government earmarked EGP 164 billion in total for investments during the fiscal year 2020/2021, according to an official statement.

El Said noted that this allotment will be used in developing 25 projects across the country.

The social housing project was pledged EGP 21 billion, while the development of Suez Canal axis has been allocated EGP 19.9 billion.

In July, Spokesman of the Cabinet Nader Saad said Egypt’s central bank would provide EGP 30 billion funding for building 250,000 social housing units.

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