The approval included land plots in New Cairo, 6 October City, El Sherouk City, New Damietta, Badr City, Obour city.
The Egyptian Cabinet and the Board of Directors of the New Urban Communities Authority approved requests regarding the allocation of some plots of land, in favor of some companies, through a USD sale system.
The approval included land plots in New Cairo, 6 October City, El Sherouk City, New Damietta, Badr City, Obour city.
Earlier today, The Egyptian Cabinet also approved the Ministry of Finance’s proposed letter to the International Finance Corporation (IFC) to issue bonds in Egyptian pounds in foreign markets.
The IFC’s issuance of bonds in the local currency will benefit Egypt through increasing in IFC’s investment portfolio in Egypt, and the availability of additional sources in foreign currency. This will help Egypt face its severe shortage in foreign currency issue. Since February 2022, Egypt has devalued the EGP by almost 50% as a result of the Russia-Ukraine conflict.
