Egyptian banks contributes EGP400mln to slums development: Ezz Al-Arab

Banks operating in Egypt have contributed 400 million Egyptian pounds ($24.3 million) to develop slums Hisham Ezz Al-Arab, Chairman  Federation of Egyptian Banks said.

The Chairman and Managing Director of Commercial International Bank added that the funds were directed  to develop schools,  youth centers and health units.

President Sisi has sought to tackle housing problems in Egypt, and a plan was set to develop many unsafe areas in Cairo, which has the majority of Egypt’s slums, and to re-house residents of Egypt’s most dangerous slums.

In May 2016, President Sisi promised to move all those living in slums to new flats over 3years as part of an ambitious project expected to cost about  14 billion  pounds ($790 million).