Egypt PM issues decree to assign Port Said’s land plot for SHF

Egypt’s Prime Minister and Housing Minister Moustafa Madbouly issued Monday a decree to allocate one of the state’s land plot for free in the South of Port Said city for Social Housing Fund (SHF).

The land plot is spanning over 125 feddans in Port Said, 170km (106 miles) northeast of Cairo.

In November 2014, SHF was established under the Housing Ministry. The fund is responsible for imposing the general policies governing the construction and management of the units, besides financing of social housing project from the country’s budget allocations and sales revenues.

The budget allocation for the project amounted to 9.5 billion Egyptian pounds ($530.3 million) during the financial year 2014/2015.

In financial year 2015/2016, the budget was estimated by the ministry to reach 13 billion pounds.