Egypt’s government has set a new timeline for the completion of public and middle-income housing units, according to a cabinet statement.
The statement went on to say the government has committed to delivering about 300,000 units by the end of 2016.
Cairo also plans to deliver about 750,000 housing units by the end of 2018, in addition to the 135,000 units for those currently living in informal housing.
The new time frame was announced amid criticism from the newly elected parliament regarding the Housing, Utilities & Urban Communities Ministry’s speed of delivery.
The ministry estimates that 500,000 new homes need to be built every year for five years to keep pace with a population expanding at a rate of 2 per cent a year, and to plug the estimated backlog of 3 million housing units.
In 2014, the country signed a $40bn agreement with the UAE’s Arabtec to develop 1 million housing units. Although the deal broke down in mid-2015, the government has continued with its pledge to develop the number of units required to meet the current demand.