EGP 1.650 Billion for development & infrastructure projects in Sinai

The government has decided to assign LE1.650 billion for completing development and infrastructure projects in Sinai during the current fiscal year. Different government bodies and ministries will carry out these projects under the supervision of Sinai Development Agency which has been established in Arish. This came during the meeting held by Prime Minister Dr. Hisham Qandil in presence of the concerned ministers, South Sinai Governor and Secretary General of North Sinai governorate.

Major General Shawqy Rashwan, the Chairman of Sinai Development Agency said the government is discussing the establishment of three free zones in Rafah, Nuweiba and Arish to make sure of their economic feasibility adding the government is seeking to regulate the possession of land in Sinai by the Egyptians. He said under the new regulations, foreigners will be allowed to invest in Sinai under usufruct system and through Egyptian shareholding companies in which Egyptians will possess not less than 55% of shares.

He said the government has appropriated LE 1,95 billion for developing Sinai in the budget of this year, besides additional support from the Armed Forces worth LE 250 million to finance urgent needs of Sinai citizens such as water projects. The Chairman of Sinai Development Agency said during the meeting, an agreement was reached on earmarking L.E4, 100,000 for meeting urgent needs of Sinai citizens such as purchasing water tankers and first aid cars.

Major General Khaled Fouda, the South Sinai Governor said the Prime Minister promised to provide an aircraft for security supervision and a flying doctor go the governorate. He said security in Sinai has achieved much development thanks to joint efforts by the Armed Forces and the police. He said this has started to reflect on Increasing Hotel occupancy rate in Sharm el Sheikh. He said occupancy has achieved 68% during Eid al-Fitr adding reservations for next October have been increased.