Egypt plans to construct a million houses for the poor and low income earners to curb the current housing shortage being witnessed in the country.
According to Egyptian housing minister Mustafa Madbouly the mega project is expected to cost almost $20 billion over the next five years to address the spread of slums and unlicensed buildings since the 2011 revolt.
In Egypt the current population stands at about 90 million and is projected to exceed 120 million by the year 2050.
Madbouly said that the country needs to construct about 500,000-600,000 new homes a year to keep up with demand, 70% of which should be aimed at the poor. The social housing project will see 200,000 new homes built each year, meeting over half the annual demand for cheap housing.
Private developers, who have built new suburbs around Cairo, are meeting the needs of middle and higher income Egyptians.
Egypt also says it plans to invest LE10 billion to develop 248 slum areas across Egypt by 2018. Priority will be given to “first- and second-degree hazardous” structures that threaten the safety of the 150,000 families living in these areas.
