Egypt invests $61.3mn in New Mansoura in Q1 of FY2019/20

Egypt has invested 1 billion Egyptian pounds ($61.3 million) in construction works in New Mansoura City, 128km (79.5 miles) north of Cairo in the Nile Delta, during the first quarter of financial year 2019/2020, said an official on Sunday.

“New Mansoura’s investment plan amounts to 7 billion pounds for the financial year 2019/2020,” the city’s  supervisor told Mubasher, noting that the first phase will be implemented over 2,063 feddans.

In August 2017, Egyptian President Abdel Fattah al-Sisi issued a decree to establish a new city in Mansoura, 128km (79.5 miles) north of Cairo in the Nile Delta.

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.