Egypt’s Informal Settlements Development Fund (ISDF) signed Thursday new agreements worth 900 million Egyptian pounds ($50.2 million) to develop unsafe slums in Halayeb triangle and unplanned areas in Hurghada.
ISDF is a governmental body that is responsible for financing slums redevelopment projects.
Halayeb and Shalateen, 20,000 square kilometres on the Red Sea, lie at the borders between Egypt and Sudan.
The agreement was signed by Red Sea Governor Ahmed Abdulla and ISDF’s Executive Manager Khaled Sadek.
According to the agreement, around 500 and 1,500 homes in Halayeb and Shalateen, respectively will be built.
In Halayeb, the redevelopment process will cost a total of 231 million pounds, which ISDF will bear 145 million pounds.
On the other hand, the new homes in Shalateen will cost a total of 668 million pounds approximately; where the fund will afford around 431 million pounds.