The government allocated a total of EGP 9.3 bn for the social housing program in FY 2019/20, complementing its plan to ensure decent lives for all citizens through building integrated urban communities, Invest-Gate reports.

The amount will contribute to supporting the development of a total of 120,000 social housing units this fiscal year, according to the state’s FY 2019/20 budget, recently published by the finance ministry.

Merely 27% of the government’s investments will be allocated to housing and community facilities, with Slum Development Fund, Social Housing Fund, and Central Authority for Potable Water and Wastewater (CAPWW) acquiring the lion’s share. Such expenditures will reach EGP 63.4 bn in FY 2019/20, up from EGP 53.4 bn a year earlier, the budget showed.

The state also aims to boost its gross domestic product (GDP) to EGP 2.6 trn, while achieving economic growth of 6% in FY 2019/20 versus 5.6% in the prior fiscal year. The country also strives to raise its employment rate by 3.2% in FY 2019/20 to reach 7.28 mn employees.