Egypt allocates LE44B to upgrade 1.1K informal markets nationwide

CAIRO – 7 February 2022: Chairman of the Urban Development Fund Khaled Sediq told Al Watan newpaper Monday that the budget allocated to the upgrade of the 1,105 informal markets, encompassing a total of 306,000 units, has reached LE44 billion ($2.75 billion).

Sediq pointed out that 3,033 units – located across 20 markets - have been renovated since 2016, while work is underway in 20 other markets housing a total of 3,171 units.

The finished markets are located in Damietta, Matrouh, and New Valley governorates among others. The official underscored that informal markets were formed due to rural-urban migration.

He added that the new venues would not just enhance the work conditions of occupants, and the quality of services offered to consumers but would also create an institutional framework for their operation.