Cabinet Spokesman Nader Saad has confirmed the allocation of EGP 10 bn for phase I of the development project of Egypt’s provincial capitals and major cities, in line with the presidential directives for the optimal utilization of state assets and provision of new services and projects, Invest-Gate reports.

The announcement came during a Cabinet meeting on December 1, where Saad affirmed the national project would be carried out over two phases, after first reclaiming lands endowed to government authorities and ministries nationwide, according to a recent official statement.

Phase I covers the renovation of residential properties located in 13 different areas, whilst the second one includes 31 others. State bodies were also addressed to enumerate the dilapidated housing units in each governorate, which had been established for many years, in a bid to implement alternative residences, he further stated.

So far, at least 500 mn housing units count in both phases of the comprehensive development project, aiming to change the face of existing cities and regional development by opening new traffic axes and establishing decent housing. According to Saad, this will create a huge volume of jobs while also opening new horizons of investment opportunities.

The starting point to the project is the Armed Forces Engineering Authority to facilitate all procedures to speed up confining designs for the identified plots and carrying out this large-scale project, the spokesman indicated.

Earlier this year, Minister of Housing, Utilities, and Urban Communities Assem El Gazzar had considered the establishment of 250,000 social housing units for youths and low-income earners across different governorates and new cities, as highlighted in an earlier statement.