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, Invest-Gate reports.

The ongoing national project needs almost EGP 193 bn for construction works, besides another EGP 50 bn for utilities, El Gazzar explained in a ministerial statement on May 11.

Roughly 41% of the project, or 428,000 units, has been executed thus far, whilst 194,000 apartments are under construction at a completion rate of 19%, the minister underscored.

The total number of residences allocated to their beneficiaries under the social housing project has reached 323,000 units, CEO of Social Housing and Mortgage Finance Fund (SHMFF) Mai Abdel Hamid revealed.

Total direct subsidies to the project amounted to EGP 4.8 bn, in addition to EGP 30 bn of funding through 28 banks and mortgage companies, Mai Abdel Hamid further added.

During another meeting on May 11, El Gazzar tasked the renewal of the social housing’s current architecture and the designing of a new aesthetic model that can function efficiently and continue to provide adequate services and amenities at the residents’ fingertips, according to the official statement released back then.

Prime Minister Mostafa Madbouly announced earlier the proposed investment budget for FY 2020/21 will rise to EGP 230 bn from EGP 150 bn in the previous year, according to a previous statement.