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Sunday, 1 August 2021

New urban development fund greenlit by cabinet

The Madbouly cabinet approved a draft bill last Thursday to launch a new fund to develop urban areas, it said in a statement. The fund will work alongside existing agencies such as the New Urban Communities Authority (NUCA) and the General Authority for Urban Planning to develop areas chosen by the board of trustees in partnership with the private sector and real estate developers, as well as remove buildings in unsafe areas. It will report directly to the prime minister. The statement does not mention how much money the fund will be allocated.

Major French financing agreement approved: The EUR 3.8 bn in French financing agreed in June was approved by the cabinet last week. The money will be used to fund a variety of transport projects including Cairo Metro Line 1 and the Abu Qir metro conversion project, as well as a number of wastewater and energy projects.

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