Damietta Furniture City phase I to cost $62.7m

The Board of Directors (BoD) of Damietta Furniture City Company approved Saturday the estimate cost of the first phase of Damietta Furniture City project.

The first phase is planned to be implemented with cost estimated at 817 million Egyptian pounds (around US$62.7 million), the BoD announced during an expanded meeting with Egyptian Industry Minister Tarek Qabil.

The meeting was attended by state’s Planning Minister Ashraf El Araby, Damitta Governor Ismail Abdel Hamid, and Osama Saleh, Chairman of Dimetta Furniture City company.

The BoD also approved the prices offer submitted by Armed Forces Engineering Authority on designing and implementing project’s first phase including the execution of all networks, roads, and utilities.

It also endorsed the agreement signed by the company and Banque Misr on providing 1.5 billion pounds as a finance for junior craftsmen.

Minister Qabil asserted that this national project is set to make a leap in furniture industry in Egypt since it would use latest advanced technologies, thus, creating thousands of job opportunities.

He added that Damietta Furniture City project is the cornerstone of boosting Egyptian furniture exports and providing more foreign currencies.