Egypt establishes social housing projects of $10bn

The value of social housing projects established in Egypt is estimated at 90 billion Egyptian pounds (US$10 billion), the minister of housing Moustafa Madbouli said Sunday.

He added during a press conference that took place at the ministry of international cooperation that the Mortgage Finance Fund is relying on self-financing to carry out its projects, noting that the government has allocated 1 billion pounds during the current fiscal year.

Madbouli said that the ministry has executed 180.000 housing units; in addition, it is currently building 351.000. Thus the units have increased to 531 units according President Abdelfattah al-Sisi directives to implement 600.000 social housing units.

Some units will be finished by the end of the current year while other units will be delivered by next April and June, the minister added.