News Column

100,000 Housing Units to Be Built for Average-Income People

August 24, 2014

The ministries of Housing, Utilities and Urban Communities and Defense are to sign a protocol for building 100,000 housing units for average-income people in eight cities, the first project of its kind for such brackets in ten years.

The units will be built in three stages, Housing Minister Moustafa Madbouli said.

The eight cities to house the new units are the 6th of October, Sherouk, Obour, New Cairo, New Damietta, Sadat, the 10th of Ramadan and Badr.

The new units will be offered for sale through the Real Estate Finance Bank with an eight-percent interest rate, the minister added.

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Source: AllAfrica

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