Prime Minister Dr. Mostafa Madbouly announced that the Egyptian state has constructed more than one million residential units as part of the Social Housing Program. During a press conference held yesterday, Dr. Madbouly explained that the government subsidizes social housing units by up to 60% of their actual value. The Prime Minister also noted that he had inspected three different models of housing projects.
It is worth mentioning that Dr. Mostafa Madbouly handed over a number of housing contracts to beneficiaries under the presidential initiative “Housing for All Egyptians” in New October City. The event was attended by Minister of Housing, Utilities, and Urban Communities Eng. Sherif El Sherbiny; Governor of Giza Eng. Adel El-Naggar; CEO of the Social Housing and Mortgage Finance Support Fund Mai Abdel Hamid; her deputy Eng. Kamal Bahgat; Chairman of the New October City Development Authority Eng. Mohamed Abdel Maqsoud; as well as several officials from the ministry, the New Urban Communities Authority, and the local authority.
During his visit to New October City, the Prime Minister affirmed that the presidential initiative “Housing for All Egyptians” aims to meet the housing needs of low- and middle-income citizens. Dr. Madbouly also toured a sample housing unit, praising the quality of both interior and exterior finishes, and emphasized the importance of maintaining the general site coordination between buildings.