PM: Financing NAC ‘Outside’ of State Budget, Profits Surpassed LE20 bln

Prime Minister Moustafa Madbouly said that financing the New Administrative Capital (NAC) is outside the State budget, adding that it was established through the mega real estate development companies.

Reports claiming that the financing of the NAC projects was from the State’s budget are totally untrue, he added in a speech delivered while attending the delivery of the first three towers in the Central Business District of the NAC on Sunday.

The NAC attained profits above LE20 billion, he noted, saying that this is a testament to the success of the project.

Talking about the implementation rate of the projects being implemented in the old capital, Madbouly said that volume of projects being implemented is enormous, including the development and establishment of entertainment and service areas and the establishment of projects such as the Fustat Hills.

Madbouly, meanwhile, said that President Sisi’s initiative of “Housing for All Egyptians” has reached one million housing units, adding that the project aims to provide appropriate housing for the different segments of the society.

Madbouly further referred to the State’s cooperation with the private sector to carry out housing projects, a matter which contributed to resolving housing-related problems.

The one-million housing projects cost the State more than LE400 billion, Madbouli noted.

The State is capable of resolving all the housing-related problems, through working on developing the unsafe slum areas and establishing new housing projects, which ensure decent life for all Egyptians, he further said.

Related Articles

Back to top button