Minister of International Cooperation Sahar Nasr and Resident Representative of the African Development Bank (AfDB) Leila Mokaddem signed an EGP 10 mn granton February 12 to finance the Slums Development Fund, Invest-Gate reports.
“The grant comes within the framework of the directives of President Abdel-Fattah El-Sisi, to accelerate the development of slums. This would contribute to improving the lives of impoverished citizens through providing healthy residential areas with the required social dimensions. The provided areas should enjoy appropriate infrastructure and living conditions in terms of sanitation and clean water,” Nasr said in a statement.
Minister of Housing, Utilities and Urban Communities Mostafa Madbouly was also in attendance.
The grant is linked to a USD 80 mn underway project planned to be submitted in June. “Such funding aims at partnering with the AfDB in the sustainable development going on in the country. The bank intends this year to provide the third tranche of USD 500 mn to support the government’s economic program and social development,” Mokaddem stated.