Cairo – Mubasher: Egypt's Ministry of Housing are carrying out investments worth EGP 110 billion ($12.34 billion) during the fiscal year 2016/17, said premier Sherif Ismail in a statement on Wednesday.

"The projects implemented by the ministry have a positive impact on youth and limited-income brackets", the premier clarified, stressing the importance of providing all required funds for developing 351 slums where 850,000 ones live.

By the end of 30 June 2016, the ministry completed 256,000 residential units under the first stage of social housing and is likely to build another 45,000 units by 31 September 2016, the minister added.

Regarding medium housing, the minister is finishing 1,326 buildings including 31,872 units in eight cities in the framework of the first stage, while the second phase will include developing 1043 buildings (25,032 units) in twelve cities.

The last stage will entail 55,000 units in 17 cities, according to the statement.