Egypt invests $72.4 mln in New Aswan in six years – minister

Egypt has pumped investments worth 1.2 billion Egyptian pounds ($72.4 million) in New Aswan City since 2014 and till now, said Housing Minister Asem El-Gazzar on Wednesday.

New Aswan City was established following a presidential decree (96/1999) on an area of 3,900 feddans. It is located on the west bank of the River Nile.

The Housing Ministry has completed 3,120 social housing units, while 3,600 homes are under construction, El-Gazzar added.

“We expect to finalise 1,160 new housing units within December 2019 and 480 others within June 2020,” the minister said.