Tahya Misr Fund allocates 1bn Egyptian pounds to develop Al-Asmarat district

Egypt’s Tahya Misr (Long Live Egypt) Fund allocated 1 billion Egyptian pounds ($61.3 million) to develop the country’s housing flagship Al-Asmarat district in Al Mokattam area, east of Cairo, for slum-dwellers.

The fund is teaming up with Cairo Governorate and Egyptian government-led Informal Settlements Development Fund (ISDF) to develop Al-Asmarat district, the fund’s financial and administrative director Tamer Abdel-Fattah said on Wednesday.

Tahya Misr fund is looking to enhance the health of Al-Asmarat’s residents as well as improving their economic status, Abdel-Fattah added.

The fund was established by Egyptian President Abdel Fattah al-Sisi in 2014 for social and economic development purposes.