Deputy Minister of Housing, Utilities, and Urban Communities for National Projects Khaled Abbas said the government is working on increasing the volume of cooperative housing to represent 30% of the annual residential supply, as part of an upcoming five-year plan, Invest-Gate reports.

This came during the opening session of the third International Conference for Cooperative Housing (ICCH), which is being held from December 1 to 4 at Heliopolis Towers Hotel.

Adel Noshi, chairman of the Central Cooperative Union for Housing, hailed the state’s role in supporting the cooperative housing system in Egypt. He said the New Urban Communities Authority (NUCA) will allocate more than 2,400 acres as phase I of cooperative housing projects in 22 new cities in Upper and Lower Egypt, as well as, Greater Cairo.

ICCH is set to see the attendance of members of Africa’s International Co-operative Alliance (ICA) and several representatives of over 50 countries, on top of President of Cooperative Housing International Anders Lago, who marked his first-ever presence in the forum.