Egypt earmarks 50 mln pounds for new tech parks this year

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ITIDA, Egypt’s Communications Ministry body, has made appropriation of 50 million Egyptian pounds ($2.8 million) for planned investments in new technological parks throughout the 2017/2018 financial year.

Egypt will soon start establishing two new technological parks in Beni Suef and Sadat City, Communications Minister Yasser el-Kady said in a statement.

The ministry and ITIDA will bear the costs of the first phases; while the New Urban Communities Authority (NUCA) will provide the lands.