The Central Bank of Egypt (CBE) has been given the green light to extend EGP 30 bn, partly borne by the finance ministry, for subsidizing the execution of 250,000 social housing units nationwide until 2023, Invest-Gate reports.

Provided at lower interest rates, the initial unit offering will see the provision of a median of 120,000 social housing units, Cabinet Spokesman Nader Saad confirmed in an official statement on July 7.

This came during Prime Minister Mostafa Madbouly’s meeting with various officials to discuss ways to secure the necessary funding for building the additional social housing units, coming in line with President Abdel-Fattah El-Sisi’s directives, effective as of last April.

Ministry of Housing has already begun rolling out land plots for implementation of the 250,000 apartments, Madbouly pointed out.

He also emphasized the significance of the Social Housing Program, which is one of the state’s mechanisms to reconcile social justice by providing decent and affordable homes for youths and low-income earners countrywide, at extended payment terms, not to mention job creation.

Last May, Minister of Housing, Utilities, and Urban Communities Assem El Gazzar said a total of EGP 243 bn is required to implement Egypt’s Social Housing Program, which involves the establishment of 1 mn units, according to a previous statement.

Almost EGP 193 bn are necessitated for construction works, besides another EGP 50 bn for utilities, El Gazzar earlier revealed, noting that about 41% of the project, or 428,000 units, has been carried out so far.