By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Egypt to issue new bonds for climate, social goals
    Egypt to issue new bonds for climate, social goals
    September 27, 2023
    Saudi Public Investment Fund eyes stake in Palm Hills Development
    Saudi Public Investment Fund eyes stake in Palm Hills Development
    September 27, 2023
    UNDP, MBRF launch online learning initiative for Arab countries
    UNDP, MBRF launch online learning initiative for Arab countries
    September 27, 2023
    Egypt Post invests in Roaderz platform to enhance e-commerce, delivery services
    Egypt Post invests in Roaderz platform to enhance e-commerce, delivery services
    September 27, 2023
    GAFI to grant 45 more golden licences to boost investment
    GAFI to grant 45 more golden licences to boost investment
    September 27, 2023
  • Politics
    PoliticsShow More
    Egypt’s Irrigation Minister highlights climate challenges for water sector
    Egypt’s Irrigation Minister highlights climate challenges for water sector
    September 27, 2023
    CCCPA, Senghor University join forces for African peace, development
    CCCPA, Senghor University join forces for African peace, development
    September 27, 2023
    Arab League chief urges more funding, investment for food security
    Arab League chief urges more funding, investment for food security
    September 27, 2023
    Egypt denounces Houthi attack on Bahraini forces in Saudi Arabia
    Egypt denounces Houthi attack on Bahraini forces in Saudi Arabia
    September 27, 2023
    vPalestine urges international action to end Israeli occupation, crimes
    Palestine urges international action to end Israeli occupation, crimes
    September 26, 2023
  • Interviews
    InterviewsShow More
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    September 18, 2023
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    September 14, 2023
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    September 12, 2023
    India welcomes Egypt's BRICS membership: Boosting trade, investment, and access to strategic commodities
    India welcomes Egypt’s BRICS membership: Boosting trade, investment, and access to strategic commodities
    September 11, 2023
    The box office is not a measure of success: Basma Hassan
    The box office is not a measure of success: Basma
    September 6, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: First draw of its kind to allocate lands for housing associations: GACHC
Share
Notification
Latest News
Genetically engineering associations between plants and nitrogen-fixing microbes could lessen dependence on synthetic fertilizer
Genetically engineering associations between plants and nitrogen-fixing microbes could lessen dependence on synthetic fertilizer
Science
Earthworms contribute to 6.5% of global grain production, says new research
Earthworms contribute to 6.5% of global grain production, says new research
Science
Researchers build and test a framework for achieving climate resilience across diverse fisheries
Researchers build and test a framework for achieving climate resilience across diverse fisheries
Science
Egypt to issue new bonds for climate, social goals
Egypt to issue new bonds for climate, social goals
Business
Saudi Public Investment Fund eyes stake in Palm Hills Development
Saudi Public Investment Fund eyes stake in Palm Hills Development
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > First draw of its kind to allocate lands for housing associations: GACHC
Business

First draw of its kind to allocate lands for housing associations: GACHC

Shaimaa Al-Aees
Last updated: 2015/11/07 at 2:28 AM
By Shaimaa Al-Aees 3 Min Read
Share
Draw entry fees are EGP 25,000 as down payment paid by cash or with accredited banking cheques in any branch of the Housing and Development Bank (DNE File Photo)
SHARE
The General Authority for Construction and Housing Cooperatives (GACHC) conducts on Tuesday the first draw of its kind to allocate lands in New Cairo to 241 housing associations. (DNE File Photo)
The General Authority for Construction and Housing Cooperatives (GACHC) conducts on Tuesday the first draw of its kind to allocate lands in New Cairo to 241 housing associations.
(DNE File Photo)

The General Authority for Construction and Housing Cooperatives (GACHC) conducts on Tuesday the first draw of its kind to allocate lands in New Cairo to 241 housing associations.

The authority declared, in press release on Monday, that the second day of draw will be held on Thursday 27 November to allocate lands to housings associations in 6th of October and Badr cities.

The head of the General Authority for Construction and Housing Cooperatives Hossam Rizk said that this draw comes in the framework of the Ministry of Housing’s interests in supporting the cooperative housing system, as one of the most important pillars in solving the housing crisis in Egypt.

“It is considered a model of civil society participation in the implementation of housing projects without further burdening the national budget,” added Rizk.

Rizk said that the New Urban Communities Authority allocated 1,250 acres as a first phase for the benefit of GACHC.  The authority will plan and distribute these acres among housing associations, which will implement housing projects in order to provide housing units for their members.

“364 cooperative housing associations made reservations for lands in New Cairo. The GACHC chose only 241 to partake in the draw after studying the seriousness of their intent to implement the project, and reviewing their financial, administrative and legal status,” said Rizk.

Rizk pointed out that cooperative housing units have access to receiving a cooperative loan of EGP 50,000 for each housing unit, with a 5% interest rate, to be repaid over 20 years, with the condition that the unit does not exceed 115 square metres.

He went on to say that the upcoming draw will be held to allocate lands in the remaining cities, including the 15th of May City, 10th of Ramadan City, New Damietta, New Borg El Arab, New Minya, New Assiut, New Sohag, New Tiba and New Aswan, after reviewing the status of the housing associations.

Vice President of Ramses Cooperative Housing Association Susan Sami said that this draw is very important for housing associations, as they will receive support from the government, and as such can benefit those who deserve these units as a step towards solving the housing crisis and reducing informal housing settlements.

However, Sami added: “GACHC did not inform all the association with enough time in advance of submitting the bid requirements, and they did not participate in the draw because of changes in the Board of Directors.”

 

You Might Also Like

Egypt to issue new bonds for climate, social goals

Saudi Public Investment Fund eyes stake in Palm Hills Development

UNDP, MBRF launch online learning initiative for Arab countries

Egypt Post invests in Roaderz platform to enhance e-commerce, delivery services

GAFI to grant 45 more golden licences to boost investment

TAGGED: Business, crisis, Daily News Egypt, Egypt, Housing, Ministry of Housing, News, urban development
Share this Article
Facebook Twitter Email Print
Previous Article Government anticipates higher growth rates
Next Article Dana Gas signs agreement with petroleum ministry to increase gas production
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Genetically engineering associations between plants and nitrogen-fixing microbes could lessen dependence on synthetic fertilizer
Genetically engineering associations between plants and nitrogen-fixing microbes could lessen dependence on synthetic fertilizer
Science
Earthworms contribute to 6.5% of global grain production, says new research
Earthworms contribute to 6.5% of global grain production, says new research
Science
Researchers build and test a framework for achieving climate resilience across diverse fisheries
Researchers build and test a framework for achieving climate resilience across diverse fisheries
Science
Egypt to issue new bonds for climate, social goals
Egypt to issue new bonds for climate, social goals
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?