Egypt’s Informal Settlements Development Fund (ISDF) is developing 5 unsafe slums in Port Said city, 170km (106 miles) northeast of Cairo, at a cost of 481.7 million Egyptian pounds ($27.3 million), said Housing Minister on Tuesday.
Established in 2008 by presidential decree No. 305, ISDF is a governmental body that is an affiliate of Ministry of Housing and is responsible for financing slums redevelopment projects.
“The fund has developed three dangerous slum areas, including 4,104 units in the governorate (Port Said), at a cost worth 506.9 million pounds,” Moustafa Madbouly further referred.
Khaled Sadek, ISDF’s Executive Manager, added that the fund also continues development works on Ezbet Abu Ouf, one of the biggest shanty towns in Port Said, at a cost estimated at 223 million pounds.
“The accomplishment rates reached 40 percent,” Sadek stated, elaborating that these works will be completed at the end of June 2018.