The Social Housing and Mortgage Finance Fund’s (SHMFF) board approved a set of proposed principles, determinants, and mechanisms related to the involvement of private developers in the establishment of social housing projects in Egypt, Invest-Gate reports.

This came during a meeting headed by Minister of Housing, Utilities, and Urban Communities Assem El Gazzar, according to a ministerial statement on November 30.

Unit prices and allocation rules shall be in compliance with Law No. 93 of 2018 on social housing and mortgage support, the statement highlighted.

In October, during a meeting with property developers, El Gazzar urged the prompt submission of final proposals for consideration to the New Urban Communities Authority’s (NUCA) board of directors, alongside SHMFF, to be rotated for the Cabinet’s final approval.

Developers stressed back then that plots offered should be located in new cities and allocated for a mixed estate of 70% and 30% private and social housing, respectively.