CAIRO: The Euro-Mediterranean Regional and Local Assembly (ARLEM) of the European Union has agreed to fund a 100 million euro ($136 million) project to develop the North Giza region, Youm7 reported Friday.
Giza Governor Ali Abdel Rahman announced Friday in a press statement that ARLEM agreed to finance the project as part of four projects the EU is expected to fund in the Middle East.
The governor added that he will visit the EU headquarters Sunday to present officials with a detailed presentation about the project, which aims to improve the quality of life for citizens. The Research Center for Architectural Studies at Cairo University made studies regarding the project, and it will include building modern housing, parks, increasing green areas, building water plants, police stations and other facilities.
Abdel Rahman also said the project is expected to be finished in about four years once the funding starts. The Egyptian government will provide 20 million euros of the total 100 million euros, while 40 million euros will come in the form of a non-refundable grant from the EU, and a 40 million euro soft loan.
Furthermore, the governorate is making a general plan for development which will include a plan to build an investment zone on Wahat Road, MENA reported Friday.
The zone is expected to span 8,304 acres and be located next to 6 October City, the largest industrial zone in the country. Its total cost will be around 30 billion EGP ($4.2 billion). The investment zone is slated to include banks, hotels, business centers and international exhibition facilities.