By: Abdullah Bedeir
Cairo - Mubasher: Egypt has raised the allocated amount for developing governorate capitals and major cities to EGP 300 billion from EGP 250 billion as part of the "Housing for all Egyptians" initiative, the Executive Director of Informal Settlements Development Fund (ISDF), Khaled Siddiq, told Mubasher.
The project will feature 500,000 residential units within three years, coinciding with Hayah Karima (A Decent Life) initiative, Siddiq added.
Work is currently underway in developing 100,000 units in 32 projects located in 13 governorates at a cost of EGP 80 billion, he revealed.
The project is being implemented by the Armed Forces Engineering Authority over state-owned land plots. A specialised real estate marketing company will be hired to promote the project for citizens, he pointed out.
Translated by: Zeinab Adel