440 small, medium-sized firms participate in Egypt’s social housing scheme

The total number of contracting companies carrying out the social housing scheme is estimated at 440 firms; mostly those companies are small and Midsize Enterprises – SMEs, Moustafa Madbouli, the minister of housing, said on Tuesday.

Madbouli added that assigning the project to SMEs belies the prevailing nation that the ministry only allocates its projects to the large firms stressing that the main standard isn’t the company’s volume rather than its compliance to the agreed upon delivery date and the identified specification.

Lately, Madbouli has announced that the ministry is set to complete 150,000 affordable homes in the fiscal year 2015-2016. In addition, the ministry is providing the necessary fund for the project on a regular basis.

Moreover, the Egyptian President Abdel Fattah al-Sisi announced that Tahya Masr (Long Live Egypt) Fund would secure one billion Egyptian pounds (US$ 127.7 million) for the social housing scheme tailored for the youth.