Proposed investment budget for coming fiscal year upped to LE 230

CAIRO - 7 May 2020: Prime Minister Moustafa Madbouli said the government upped the proposed investment budget for the coming fiscal year to LE 230 billion against LE 150 billion in the current fiscal year.

During a meeting with representatives of the real estate development and contracting sector, he said the measure is meant to implement various development and service projects.

He added that the budget of the New Urban Communities Authority will also be increased in the coming fiscal year, therefore contracting and real estate companies have a great opportunity in the future.

The prime minister stressed keenness on supporting the real estate development sector, especially in the current stage.

Minister of Housing Assem el Gazzar said the president and the prime minister issued directives to increase projects, particularly infrastructure ventures.

He added that all financial dues of the contracting companies would be paid and new projects would be launched.