Egypt identifies 1.1K unlicensed markets, allocates LE44B for development

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Tue, 23 Mar 2021 - 01:55 GMT

FILE - Market in Egypt

FILE - Market in Egypt

CAIRO – 23 March 2021: Chairman of Slum Development Fund Khaled Sediq stated Tuesday that 1,105 unlicensed markets have been identified and that LE44 billion have been allocated to create alternatives.

 

The unlicensed markets are those that are neither monitored by the government nor taxed, and whose output is not counted in the GDP.

 

The unlicensed markets are categorized into those formed on state-owned lands, others formed on privately-owned land without a license, and groups of pedestrian vendors, who occupy sidewalks.

 

They are also categorized according to activity as such markets either sell food or non-food products.

 

The reasons behind the formation of such markets are poverty, unemployment, illiteracy, and internal migration, which is the main reason behind the rise of slums in general.

 

The official stated that an institutional framework has been put to organize the work of different governmental institutions involved in the execution of the development plan. Formalizing such markets would enable better control, and taxation, which will raise the treasury's revenues.

 

Until present, 20 markets – consisting of 3,000 vendors - have been developed. Currently, 30 markets - housing 3,150 vendors – are being developed.  

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