Implementation of the urgent phase of the Toshka City project will be started to be completed by 30 June, Housing Minister Mostafa Madbouly said Saturday.
In a statement during his visit to the project area, Madbouly said the phase will include establishing 1,203 housing units, with investments worth EGP 500m.
A Cabinet official said that during the Cabinet’s weekly meeting on Wednesday the Toshka City project was approved for inclusion within the new urban community plan for the fiscal year (FY) 2014/2015, with self-funded investments at EGP 187.5m.
He added that the Egyptian president issued Decree 268/2006, stating the establishment of the new Toshka City project on a land area of 10,000 acres west of Aswan.
The project includes building utilities (electricity, water, sewage, and roads) at a land area of 105 acres, while establishing 100 housing units and service buildings, in addition to the infrastructure constructions, which will be within Phase I of the project.
The minister confirmed that Phase I of the project will build utilities for the construction of other 5,000 units directly in the next phase, to be able to make use of the services and utilities built in the urgent phase. Phase I will be implemented during FY 2015/2016.
Madbouly revealed that the cabinet approved the assignment of the project to Arab Contractors Company (ACA), NCCD Construction “Ibrahim Mokhtar”, and Egyco, adding that ACA will implement the project with investments at EGP 200m, Ibrahim Mokhtar at EGP 175m, and Egyco at EGP 125m.
The minister said that work on the project will last for four years until the city is completely ready. Toshka City will have a land area of 10,000 acres, and the land area of Phase I will be 3,500 acres.
The government plans to boost the economy by offering several national projects that would attract investments and help the quick recovery of the economy after four years of instability, which lowered foreign investments and tourist flow. The government will also make reforms in the legislations, to reassure financial and business communities.