Home
Loading...
You are here:  Home  >  Business  >  Current Article

Egyptian banks to bid 8,000 housing units: Minister of Housing

  /   2 Comments   /   585 Views

Mostafa Madbouly coordinates with Egyptian banks to enact the central banks initiative to aid low-middle income individuals.

The Ministry of Housing, Utilities and Urban Communities will coordinate with a number of Egyptian banks to make 8,000 housing units available to low- and middle-income Egyptians (DNE File Photo)

The Ministry of Housing, Utilities and Urban Communities will coordinate with a number of Egyptian banks to make 8,000 housing units available to low- and middle-income Egyptians
(DNE File Photo)

By Menna Zaki

The Ministry of Housing, Utilities and Urban Communities will coordinate with a number of Egyptian banks to make 8,000 housing units available to low- and middle-income Egyptians, Minister Mostafa Madbouly said Thursday.

The ministry is already building 100,000 housings units housing units for low- and middle-income citizens, Mabdbouly said in a statement. When completed, the project will be a “massive breakthrough” for a “huge” number of low- and middle-income people, he said.

Madbouly said construction companies have been assigned to begin work in a number of Egyptian governorates.

This project is a “significant priority” for the ministry, he said. There will be also a detailed schedule for construction of the housing units that will be completed by the end of this fiscal year on 30 June, as well as the housing units that will be completed the following December.

Madbouly did not name the banks involved in the project, which was inspired by a Central Bank of Egypt (CBE) initiative.

CBE announced an initiative to make housing more affordable in February. As part of the programme, the bank reduced interest on loans to 7% for low-income individuals and 8% for middle-income individuals. CBE also allocated around EGP 10bn for low-cost housing projects.


You might also like...

CBE raised interest rates to combat inflation, which threatens inflation of the cost of government debt, given that the state is the largest borrower from the bank.

(DNE Photo)

Returns on treasury bills rise, negative impact on economic growth expected

Read More →