Egypt to go on house building spree
Egypt is to build an additional 150,000 houses across a number of governorates at an expected cost of EGP 10 billion (£870 million; $1.4 billion)
The official release as published in the State Information Service (SIS) website is as follows:
“Minister: EGP 10bn for constructing 150,000 houses in governorates
Friday, 10 January 2014
Minister of Local Development, Adel Labib said that the government has taken practical steps to face the housing crisis.
Labib pointed out that the Armed Forces is currently constructing 100,000 housing units in various governorates. He added that 18 governorates have finalized allocating lands required for the construction of 50,000 housing units with a total cost of EGP 10.5 billion.
The Minister stressed that the implementation of the national project to end unemployment will be applied within 45 days. He explained that this project is expected to provide nearly one million job opportunities.”