$630 million to be allocated for Egypt’s slums

Egypt’s Planning Ministry, Follow-Up, and Administrative Reform said the North African country would allocate 10.8 billion Egyptian pounds ($630 million) for the Informal Settlements Development Fund (ISDF) during the financial year year 2019/2020.

The allocation will see the development of nine districts, including 1.4 million housing units.

Egypt’s financial year 2019/2020 budget will also include appropriations for the building of 307,000 units, 51 sanitary projects in cities, and 295 sanitary projects in villages, the ministry said.

In May, Ministry of Finance reported that Egypt’s targeted total budget deficit for the financial year 2019/2020 reached 445 billion Egyptian pounds ($25.55 billion), or 7.2 percent of GDP, compared with a total deficit of 439 billion pounds during the current financial year.