A total of 2,000 acres of lands will be allocated for cooperative housing projects in 15 cities, announced Head of the General Authority for Construction & Housing Cooperatives Hossam Rezk.
At the second international conference for cooperative housing, attended by 36 delegations of participating countries, Rezk pointed out the importance of cooperative housing following the recent economic crisis that hit the world back in 2008. In that perspective, Rezk confirmed, “The authority has signed a contract with NUCA to receive the 2,000 acres located in Upper Egypt for the development of cooperative housing projects.”
At the conference, Rezk stated, “The Ministry of Housing, Utilities, and Urban Communities has been encouraging cooperative housing within the past four years.” In efforts to support the cooperative housing phenomenon, the ministry increased the cooperative loan value from EGP 20,000 to EGP 50,000 per unit, including the 115 square meter units.
During the conference attendees discussed all means to promote social housing and cooperative housing, as well with the implementation of various techniques to aid the distribution of families to different housing areas and urban developments. The conference was first held in 2013 and was agreed then to be held annually to emphasize the role of cooperative housing regionally and globally.