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Egypt to allocate $720m to informal settlements development

Egypt to allocate $720m to informal settlements development
EGP 18bn were spent for informal settlements development

By: Abdullah Bedeir

Cairo – Mubasher: An amount of EGP 12 billion ($720 million) will be spent by the end of the fiscal year 2019/2020 to resume efforts for the development of informal settlements, executive director of Informal Settlements Development Fund (ISDF) Khaled Siddiq, told Mubasher.

Since the beginning of 2016 until June 2019, EGP 18 billion ($1.08 billion) were spent under informal settlements development plan, Siddiq added.

The amount allocated to the development of informal settlements was increased to EGP 30 billion ($1.79 billion) from EGP 23 billion ($1.38 billion), the top official revealed.

In May, Egypt’s Ministry of Planning, Follow-Up, and Administrative Reform stated that Egypt would allocate EGP 10.8 billion ($630 million) to the ISDF during the fiscal year 2019/2020.

 

Translated by: Muhammad Abdul-Wakeel