Starting from December, subsidized residential apartments were offered for low-income people
It was included in the general budget for the new fiscal year 2024-2025, which included allocations to support low-income housing.
This was within the framework of enabling social protection provided by the state to the groups most in need of support. And in order to provide facilities for low-income families to obtain housing units from the Ministry of Housing, Utilities and Urban Communities at subsidized prices from the state so that they can obtain a housing unit.
About 5 billion and 30 million pounds were allocated from the general budget for support. This is in addition to 266 million pounds to support the interest on soft loans.
The Egyptian government announced the provision of residential apartments from the Ministry of Housing, Utilities and New Urban Communities at reasonable prices.
As Engineer Ahmed Sayed Ali, Assistant Minister of Social Housing, announced the intention of the Ministry of Housing, Utilities and New Urban Communities to establish 15,000 housing units for social housing in the new fiscal year. This was during the discussion of the general budget for the new year in the House of Representatives.
Residential apartments subsidized by the Ministry of Housing.
The Ministry of Housing, Utilities and New Urban Communities also announced that 50,000 housing units have been completed so far this year.
The total number of completed housing units is 65,000. The price of an apartment is EGP 135,000, with a support value from the real estate financing initiative of 45% of its real value.
This is according to statements by Engineer Ahmed Sayed Ali, Assistant Minister of Housing, during a meeting of the Planning and Budget Committee in the House of Representatives.
In a related context, the 2024-2025 Economic and Social Development Plan in this important sector targets total investments worth about EGP 294.2 billion, representing 21% of the total targeted investments for the 2025 plan.
Investments directed to real estate activity projects account for 53.7% of the total investments supported by the Egyptian government.
The water and sanitation sector also accounts for about 35.1%, followed by the construction and building sector, which accounts for about 11.2% of the state's general budget.
Economic and Social Development Plan
The plan targeted total investments in this important sector amounting to EGP 294.2 billion, representing 21% of the total targeted investments for the 2022/2023 plan. Investments directed to real estate activity projects account for 53.7% of total investments, while the water and sanitation sector accounts for about 35.1%, followed by the construction and building sector at about 11.2%.
The plan targeted several projects in this sector, with targeted investments distributed over them, whether for the General Housing Authority or for the National Authority for Drinking Water and Sanitation and its executive body, the Central Agency for Reconstruction, and the Urban Planning Authority.
The draft general budget for the fiscal year 2024-2025 allocated a significant increase in the sections of support and social protection, in light of the state's bias towards low- and middle-income people. In addition to increasing some sections related to education, health, and pensioners.
This is in light of the global crisis that affected the economies of the whole world and its social conditions as a result of the Russian-Ukrainian war.
Support, Grants and Social Benefits
With regard to support, grants and social benefits in Chapter Four, the draft general budget for the new fiscal year 2022/2026 allocated about 355 billion and 993.5 million pounds.
Compared to about 321 billion and 301 million pounds included in the budget for the current fiscal year 2021/2022, with an increase of about 34 billion and 692.5 million pounds.
Government support allocations amounted to about 148 billion and 755.6 million pounds, compared to about 138 billion and 330 million pounds in the current year's budget in the House of Representatives.
The value of the increase in support allocations amounts to about 10 billion and 425.5 million pounds.