Egypt Economic Development Conference projects underway

Housing Minister Mostafa Madbouly said the investment projects floated during the Egypt Economic Development Conference (EEDC), held in March, are being carried out without procrastination.

The ministry, represented by the New Urban Communities Authority, had sent draft contracts to the six companies with which memos of understanding were signed during the economic event, Madbouly said in statements on Sunday night.

The signing of the final contracts is expected at the end of the month, he said.

The minister denied that the ministry reneged on striking some investment contracts regarding the new administrative capital project, saying that the memos of understanding signed on the project during EEDC set a period between 60 and 90 days for drafting the final contracts and signing them.

Madbouly said the ministry is waiting for the approval of the investment companies on the draft contracts.

Meetings are held nearly on a daily basis at the ministry and authority to turn the memos into partnership contracts, he said.

Among the projects that are being carried are roads, new cities (New Toshka and Farafra) and social housing units, he said.

The World Bank had agreed to loan Egypt one billion dollars for drinking water and drainage projects, he noted.
Source: MENA