|

Egypt sells land to raise funds & reduce deficit

Egyptian financial authorities are planning to sell plots of land in a bid to raise as much as $15 billion to help reduce budget deficit expected to reach this year $ 23.9 billion, about 8.7 pc of GDP of the North African country.
Egypt deficit has worsened lately because of the social and political turmoil hitting badly the country since the fall of the regime of Hosni Mubarak.
The lands sale plan, part of an economic stimulus program, needs to be approved by the Parliament. About 8000 plots (800m2 & 400 m2) will be put up for sale to Egyptians living abroad in two cities near Cairo (Sheikh Zayed City & Badr City). The prices are ranging from $250 to $675 per square meter.
Egypt is seeking loans from several international financial institutions to keep its economy running, avoid financial crisis and strikes.

Short URL: http://me-confidential.com/?p=3315

Posted by on Mar 23 2012. Filed under Finance, Headlines. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

Comments are closed

Recently Commented

  • Badia Ouadi: What about the 20/20 vision for tourism which HRH has endorsed Himself? There are hundreds of western...
  • Achraf: Wise words from a wise king. And dont forget to work hand in hand. Stability Will be à important factor
  • Mehmet: Erdogan and the Turkish government become more pathetic and miserable and unrealistic day by day.
  • Telh: Israel should take a leaf out of their book.
  • Gemma: Well on this task Jordan gets a big fat F! We need to find a more competent custodian before Al Aqsa is lost...