Gov’t Unveils Service Projects Worth EGP 182.8 mn

Monday, 19th June 2017
by Menna A. Farouk

A general view of residential buildings under construction in El Katameya district of New Cairo March 30, 2013. Two years of upheaval have devastated much of Egypt’s economy. The Egyptian pound has lost about 14 percent of its value. But for the real estate industry, especially the upmarket part of it which caters to people with large amounts of savings, the weak pound is actually fairly good news. In addition to Egyptians, the weaker currency makes Egypt more attractive for investors from other Arab countries trying to escape instability at home, especially Libya, Syria and Sudan. Picture taken March 30, 2013. To match Mideast Money EGYPT-HOUSING/ REUTERS/Amr Abdallah Dalsh (EGYPT – Tags: POLITICS BUSINESS REAL ESTATE CONSTRUCTION) – RTXY6TX

The Central Agency for Reconstruction is currently implementing new service projects as part of its plan for the fiscal year 2016/2017, following the completion of 13 projects in 12 governorates, Invest-Gate reports.

“The agency is carrying out five service projects worth EGP 182.8 mn in Sinai, Qena, the New Valley and Aswan,” says Minister of Housing and Urban Development Mostafa Madbouly.

One the most important projects is the completion of construction and the paving of internal roads in Dahab at investments worth EGP 44.8 mn, in addition to the rehabilitation of some internal roads in Sinai’s El-Tor for a total cost of EGP 25 mn.

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Menna A. Farouk 368 Posts

Menna A. Farouk is a Cairo-based reporter. She has contributed to several international news organizations, including Deutsche Welle, Al-Monitor and Global Voices.