The Egyptian Minister of Finance, Momtaz El Saiid, has said that the finance ministry sanctioned the creation of new markets for street vendors.
The move has not yet been implemented.
The minister said in press statements: “New credits can’t be allocated unless the budget for an already existing project is increased...in case of urgent orders to fund a new vital project, its funds can be made available from other projects with excess monetary reserves.”
Saiid added that the funds are usually available to the Ministry of Local Development, and dedicated to building new markets and completing or updating existing ones, which can be amended to implement the projects the Prime Minister asked for.
Previously, interim Egyptian Prime Minister Kamal al-Ganzoury, had requested the Ministries of Planning and Development to provide 701 million EGP to create new markets. The budget includes 27 million EGP to create 81 new markets in Greater Cairo with the cost of 4 million each, and 53 million EGP to complete Basateen market in 15 May city.