Egyptian Housing Ministry Launches 200.000 Residential Units by 2015-End

Egyptian Minister of Housing, Utilities and Urban Development Mostafa Madbouly said it is schedule to launch 200.000 new residential units by the end of 2015.

The Ministry will provide around 50.000 residential units with EGP135.000 for the unit and the government will present direct support proportion for the beneficiaries of these units, Madbouly added.

Central Bank of Egypt’s initiative for supporting Mortgage Finance fund contributed in decreasing the value of interest on the loans of residential units for middle and low categories, as 7% for low-income and 8% for middle-income, Madbouly noted.

The monthly installment value of residential units will start from EGP400 to EGP500, he explained.

He further illustrated that there are more than one entity that will finance and implement the project; New Urban Communities Authority (NTRA) comes at the top.