The Egyptian government has announced plans to enable the private sector to refurbish up to 150 historic buildings, and lease them out for profit.
This could potentially save a mix of neo-classical, beaux arts, art nouveaux, art deco and early modern-style buildings that are in various degrees of disrepair, as reported by Reuters. The majority of the structures were built in the first half of the 20th century.
According to the country’s Minister of Public Enterprise Hesham Tawfik, it is hoped that the plan will also contribute towards revitalising crucial tourism districts in central Cairo, Alexandria and Port Said on the Suez Canal.
In addition, the government is preparing to sell about 2 million m2 of unused land owned by state holding companies to help pay back more than US$2.22 billion in debts owed to other public entities. These include the National Investment Bank, the Ministry of Petroleum, the Ministry of Electricity, pension funds and the tax authority.
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