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Tuesday, 21 June 2022

We’re getting an extra EUR 240 mn from the EU by 2024 + new capital, stage 2

More development funding from the EU: The new five-year strategy we signed with the EU earlier this week will see us receive EUR 240 mn in a first tranche of funding by 2024, according to a joint press release. The release didn’t specify what form the funding would take, but said it would support Egypt “in the areas of green and sustainable development, economic resilience and prosperity building through green and digital transition, and social cohesion,” in accordance with the strategy’s priorities. Foreign Minister Sameh Shoukry and EU High Representative for Foreign Affairs and Security Policy Josep Borrell signed to endorse the priorities in Luxembourg on Sunday.

The state-owned developer of the new administrative capital is preparing to launch the second stage of the megaproject as the initial phase nears its end, Zawya reports. Around 75% of the first phase has been allocated to developers, and once this has been completed the EGP 40 bn second phase will be launched under a build-own-transfer model with the private sector, said Ahmed Zaki Abdeen, chairman of the New Administrative Capital Company for Urban Development (NACCUD). The company has contracted Dar Al Handasah Consultants, AAW Consulting Engineers, and Engineering Consultants Group to design the second phase, Zawya quotes NACCUD spokesperson Khaled Al Husseiny as saying.

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