New Firm to manage Egypt’s 1.5M feddans project: Cabinet

Egyptian cabinet approved Wednesday establishing a company to be the main developer for 1.5 million feddans project.

The new company is set to be founded with issued capital estimated at 15 billion Egyptian pounds (US$1.8 billion).

The issued capital is divided among New Urban Communities Authority (NUCA), ministry of finance, and … to be paid upon three years.

The new company will establish zones for agricultural investments.

The land reclamation project includes digging over five thousand water wells at a total cost of LE6 billion ($766 million), according to an official in the irrigation and water resources ministry.