Egypt’s PM forms Board of Directors for Urban Development Fund

CAIRO - 18 October 2021: Egyptian Prime Minister Moustafa Madbouly issued on Monday a decision to form a Board of Directors for the Urban Development Fund headed by Eng. Khaled Siddik, the cabinet announced in a statement.

 

The Urban Development Fund has the authority to manage its affairs and take what it deems necessary to achieve its objectives, the statement added.

 

The Board of Directors will include Eng. Khaled Siddik and 8 members with different experiences, representing the Council of Ministers, the Ministry of Finance and the General Authority for Investment and Free Zones, in addition to the CEO of the Social Housing and Real Estate Finance Support Fund, a Deputy Governor of the Central Bank of Egypt, and the Vice President of the New Urban Communities Authority for the Development and Urban Development Sector.

 

The establishment of the Urban Development Fund is now affiliated to the Prime Minister instead of the Development Fund for developing the slum areas.