Egypt aims to invest $307.9 mln in New Mansoura in FY209/20

Egypt plans to invest around 5 billion Egyptian pounds ($307.9 million) in New Mansoura City, 128km (79.5 miles) north of Cairo in the Nile Delta, within the 2019/2020 financial year.

The country also seeks to increase New Mansoura City’s investments to about 6 billion pounds within the new financial year, head of the New Damietta City Development Authority Mohamed Ragab told Amwal Al Ghad on Thursday.

“It is expected to allocate around 6 billion pounds to implement seawater desalination and power plants as well as utilisation works in New Mansoura,” Ragab said.

In August 2017, Egyptian President Abdel Fattah al-Sisi issued a decree to establish a new city in Mansoura.

The decree approved the re-allocation of 5,104 feddans or 21.4 million square metres of the state-owned lands to the New Urban Communities Authority to be used in establishing a new urban community, the New Mansoura City.

New Mansoura is expected to have more than 150,000 housing units for around 680,000 citizens. The city is set to include touristic housing, villas, and medium-income and social housing as well as regional university and technological industrial development zones.