NUCA allocates $655 thousands to utilize Egypt’s New Administrative Capital

New Urban Communities Authority (NUCA) has allocated EGP 5 billion (US$ 655.000) to utilize  new administrative capital city in FY 2015-2016, stated Mazen Hassan, Vice Chairman for financial and administrative affairs.

Hassan added that the project’s Memorandum of Understanding (MOU) stipulates that Egypt’s Housing ministry is responsible for delivering the utilities to the project, where as the Emirati partner is set to develop and draw up project’s detailed and general plans.

He pointed out that investments worth EGP 1.1 billion will be injected within a year to develop Badr city.

Hassan asserted that project’s final agreement between Housing ministry and the Emirati partner is currently worked out.

He claimed that a legal firm has been chosen to represent Egypt to set up the contract, stressing that Egypt is keen on drawing up a suitable agreement that protects both parties’ rights.

Furthermore, NUCA has doubled its budget to EGP28 billion for the upcoming FY2015-2016.

Moreover, NUCA has entered into agreements to implement projects in terms of partnership during the Egyptian Development Economic Conference (EEDC) through which the state is responsible for delivering the utilities to the project.