Egyptian New Sohag’s FY2018/19 investment plan hits 600mn pounds

The investment plan of Egyptian New Sohag City Development Agency reaches 600 million Egyptian pounds ($33.6 million) during the financial year 2018/2019, said its head Mohamed El Dakroury on Thursday.

The 600 million pounds will be directed to execute a bunch of utilities works and complete the state’s social housing projects in the southern city of New Sohag, El Dakroury further told Amwal Al Ghad.

“The agency’s total scheme for the last financial year 2017/2018 registered 540 million pounds,” he noted.

The Egyptian official clarified that the number of residential buildings among the social housing project in New Sohag recorded 319, where 281 buildings were completely carried out and 38 others are currently being implemented.

The 38 residential buildings are set to be finalised within this financial year, El Dakroury stated, adding that the agency expects to attain financial provisions at the end of financial year 2018/2019.

“New Sohag’s total space reaches 29,516 feddans,” El Dakroury said, referring that the investments of the city exceed three billion pounds.

El Dakroury said these investments are divided into 1.1 billion pounds in housing sector, 234.7 billion pounds in services sector, 1.7 billion pounds in utilities sector, and 26.1 million pounds in agricultural sector.