Minister of Housing, Utilities, and Urban Communities Mostafa Madbouly confirmed the completion of approximately 200,000 social housing units with plans to reach 500,000 homes by the end of 2017 during the 33rd Council of Arab Ministers of Housing and Construction held in Riyadh earlier this week, reported Invest-Gate.

At Riyadh’s annual Council of Arab Ministers of Housing and Construction, Egyptian Minister of Housing, Utilities, and Urban Communities Mostafa Madbouly pointed out Egypt’s major achievements in social housing and urban developments that is spread all over the country, highlighting the role “the real estate Mortgage Finance Fund alongside the Central Bank in Egypt’s (CBE) initiative play in financing homes for low-income and middle-income citizens,” he said.

Aside from explaining the conditions of acquiring units, the finance system, payment methods, Madbouly acknowledged the 394 Egyptian private contracting companies that have contributed in the project especially in the new cities in efforts to encourage more investments.  

“Egypt aims to provide reputable housing options for citizens with limited income and guarantees a constant fund for social housing projects,” Madbouly confirms.