Egypt to build 150,000 affordable homes in FY2016-17: Minister

Egypt’s Ministry of Housing is set to increase the number of affordable homes to 400,000 by implementing additional 150,000 in the financial year 20016-2017.

Minister of Housing Moustafa Madbouli told Amwal Al Ghad that the units in the social housing project would be delivered with all needed utilities. The units will be built in the cities witnessing high demand for the affordable homes.

The ministry is working to sign an agreement with a transportation company to provide transportation in the new cities where the anticipated units shall be built, Madbouli added.

Lately, 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.