Egypt’s Housing invests 2.7 bln pounds in New Damietta

Big 5

Egypt’s Ministry of Housing has invested around 2.7 billion Egyptian pounds ($150.3 million) in New Damietta City, Prime Minister Moustafa Madbouly said on Tuesday.

Founded by Cabinet’s decree No.546/1980, New Damietta City is located along the Mediterranean Sea and it is 4.5 km (2.8 miles) far from New Damietta Port.

“The investments of the current financial year 2018/2019 are estimated at 1.4 billion pounds,” Madbouly further added.

The ministry is on track to implement 3,840 units, including 160 buildings in New Damietta, as part of the country’s Iskan Misr flagship, he said, adding that the accomplishment rates reached 70 percent.

Mohamed Ragab, head of New Damietta Development Authority, said that the ministry had executed the utilities works for 359 land plots in the city as part of Beit Al Watan flagship that allows Egyptian expatriates to own lands in their homeland.

“We will start delivering the land plots at the beginning of this October,” Ragab added.