Egypt's housing ministry spends EGP 60bn on social housing units

Egypt has spent EGP 60 billion so far out of total EGP 195 billion needed for the establishment of 1 million social housing units, the country’s housing minister Assem El-Gazzar said.

Total direct subsidies to the project amounted to EGP 4.6 billion, in addition to EGP 29 billion of banking funding, El-Gazzar added in a statement on Tuesday, noting that direct and indirect subsidies to the project exceed 75% of the total costs.  

The total number of completed residential units under the social housing project in governorates and new cities has reached 400,000 so far, while 290,000 units are currently being established and another 35,000 units will be launched.