New Urban Communities Authority (NUCA) began implementation of its EGP 37 billion investment plan for the current fiscal year, reported Al Borsa News.
The investment plans include completing the development of 36,000 residential units and start the development of 142,000 units as part of the social housing scheme.
“The current plan is the largest to date in NUCA’s history where it represents 65% of what was implemented since 1979,” said Mostafa Madbouly, Minister of Housing, Utilities, and Urban Communities.
“The volume of investments by NUCA includes connecting utilities and infrastructure to a large number of land plots, social housing scheme for low and middle-income earners, and infrastructure projects, funded by NUCA,” added Madbouly, reported Mubasher.
For the current fiscal year, the planned infrastructure works carried out during the fiscal year 2016 – 2017 for new cities include the completion of the national projects sites’ facilities, added Mabouly.
Infrastructure and utility work will include sewage and water purification plants in several cities including 10th of Ramadan, Six of October City, New Damietta, Sadat City, and New Qena.
The NUCA implemented projects for EGP 22 billion for the previous year, said Kamal Fahmi, Vice President of NUCA.