Cairo – Mubasher: Egypt’s New Urban Communities Authority (NUCA) has invested EGP 2.5 billion during May, bringing total investments in 11 months of the current fiscal year to EGP 33.5 billion.
The authority will approve the coming fiscal year’s budget during June, Alborsanews newspaper reported, citing sources in the Ministry of Housing, Utilities and Urban Development as saying.
The sources added that the new budget was expected to reach EGP 85 billion.
The sources further noted that NUCA, which operates under the Ministry of Housing, Utilities and Urban Development, has approved an additional investment sum of EGP 3.2 billion in the current fiscal year, which raised total investments to EGP 35 billion.
In the first five months of 2018, NUCA has spent EGP 18.5 billion, while investments amounted to EGP 15 billion in the first half of current fiscal year.