Shura Council debates development plan for 2002/20003

The financial and economic affairs committee at the Shura Council began yesterday discussing the new development Plan for fiscal year (FY) 2002/2003.

Investments in this year's plan will reach LE 73 billion of which LE 9.3 billion have been allocared administrative and local development.

Earmarked for the soft loans in the plan are estimated to be worth LE 850 million, including LE 625 millions have been earmarked for building economic housing units at an interest rate that does not exceed 6 per cent.

The plan also aims at paving the way for the private and cooperative sector to contribute with LE 40 billion in carrying out the development projects.

The plan prohibits the economic authorities to use the allocations of transport in buying luxurious Cherokes.

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