FINANCIAL NEWS

Egypt to introduce USD8b worth of development projects

25 Sep 2012

(MENAFN) Egyptian Deputy Finance Minister, Hany Kadry Dimian, announced that his country prepared a series of projects worth USD8 billion to develop areas around the Suez Canal and the south of the country, reported Arabian Business.

Dimian said that the aim of the projects is to create jobs to cut the country’s jobless rate that surpassed 13 percent, and to draw investments.

He added that 7 of the 14 projects were ready for investment, whereas the rest would be launched in the coming 18 to 24 months.

The Egyptian government plans to achieve integrated development in the Suez Canal Corridor, starting at East Port Said and to unlock the horizon for urban development outside the Valley and Delta

The projects include establishing a new tunnel under the Canal and a chief Mediterranean port to spread the country’s population more evenly away from the crowded Nile Valley and Delta region, where the majority of Egypt’s 83 million people live, in addition to solid waste management projects, drinking water, health, telecommunications and roads.

It is worth noting that under the development plan, the Canal area is expected to create 500,000 jobs and house over 1.5 million people over the coming 30 years, according to Investment Minister Osama Saleh.

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