Ministries of Finance and Urban Development signed a cooperation protocol on Tuesday under which 25 percent of real estate taxes will go to slum development projects.
Under the protocol, every governorate will be given 25 percent of its collected real state taxes to fund urban development projects, Urban Development Minister Laila Eskandar said.
About a billion pounds would be cut at the beginning of the new year, she said.
The funded projects include integrated residential compounds and alternative facilities slums facing dangerous situation, the minister added.
In January, a cooperation protocol was signed between the ministries of finance, local development and urban development, under which 50 percent of real estate taxes will go to upgrading shantytowns and governorates.
The protocol is meant to find a clear mechanism by which governorates can get their shares of real estate taxes in line with Article 28 of the real estate law.
Source: MENA