One Million Units for Limited-Income Brackets in Social Housing Project

Minister of Housing Mostafa Madboli announced that the social housing project will provide nearly one million housing units for limited-income brackets and residents of unsafe slums within five years.

Asked about the time frame for handing over those housing units, Minister of Housing Mostafa Madboli said the first phase, which includes establishing about 50,000 housing units, would be finished by the end of August.

The second phase includes setting up 70,000 housing units and the third 50,000 units, he said.

The fourth phase which will see the construction of 100,000 ones, would be completed in June 2015.

Funding for the project is provided by the urban communities authority, the armed forces, the UAE government and provincial funds, according to the minister.

On the other hand, President Adly Mansour approved a government agreement signed in Luxemburg between Egypt and the European Investment Bank (EIB) securing a euro205-million loan for the Al-Shabab electric project in the Nile Delta and a euro50-million loan to develop the Air Navigation services.

Source : Egypt State Information Service