Egypt’s Prime Minister and Minister of Housing, Utilities, and Urban Communities Moustafa Madbouly announced on Tuesday offering 120,000 units in five cities within the 10th national social housing project.
He said that the cities where the offerings are located are New October, New Obour, Badr, 15th of May, and 10th of Ramadan.
Madbouly added that these new units will be delivered in 30 months, and the down payment for the units will be paid in installments over that period, while the rest of the unit’s price will be paid through a mortgage system.
He stressed that the government exerts intensive efforts to complete the delivery of previous declarations, especially in a number of large cities, such as Sixth of October, Badr, Obour and 15th of May respectively.
He added that 245,000 housing units were implemented since mid-2014 through the end of 2017 within the state’s social housing projects, at a cost of EGP 32bn.
The state will implement 255,000 more units, at a cost of EGP 77bn, and they will be delivered in the first quarter of 2019.
About 135,000 citizens received their residential units, after they had completed their banking procedures.