Egyptian New Urban Communities Authority raises FY2016-17 budget to $3.85bn

Egypt’s New Urban Communities Authority (NUCA), an agency under Ministry of Housing, unveiled its budget for the financial year 2016-2017, worth 30 billion Egyptian pounds ($3.8 billion).

During the closing session of Egypt Builders Forum on Wednesday, Mazen Hassan – Vice President of NUCA Affairs Sector – said the FY 2016\17 budget is increased to 30 billion pounds from 21 billion in FY 2015\16, which translates NUCA’s ambitious plan for the current phase.

The budget will go for carrying out national projects, the new administrative capital city, New Alamein City and New Port Said City, in addition to the completion of New Toshka City’s works, Hassan added.

Hassan added that NUCA is currently set to put the new projects out to competitive tender so as to commence works by the beginning of the FY.

The new social housing scheme has urged NUCA to added 3 billion pounds to the new fiscal year’s budget, the official noted.

On the other hand, Hassan unveiled NUCA’s plan for 2016-2017 that includes the renovation of water networks and electric power stations and the implementation of additional public utilities.

Moreover, NUCA allocated between 3 and 2 billion pounds in the new budget to finish the utilisation of the new administrative capital city.