New Cairo road investments hit 5.6 bln pounds: minister

Egypt has executed a bunch of road projects in New Cairo, with investments totalling around 5.65 billion Egyptian pounds ($320.2 million), said Minister of Housing Moustafa Madbouly on Thursday.

New Cairo city is located on the southeastern edge of Cairo governorate, 25km (15.5 miles) from Maadi. It was established in 2000 by presidential decree No. 191.

“These investments are distributed as 1.65 billion pounds for the financial year 2018/2017 plan and 4 billion pounds for the financial year 2018/2019,” Madbouly further added.

The New Urban Communities Authority (NUCA), part of the Ministry of Housing, have pumped investments worth around 15 billion pounds during the July-December 2017 period, the minister said.

“NUCA plans to increase its investments to 40 billion pounds at the end of financial year 2017/2018 from 30 billion pounds for the financial year 2016/2017,” a number of official sources in the Ministry of Housing told Amwal Al Ghad.