Subsidy for citizens amounts to LE 450K: Housing Ministry

CAIRO - 24 August 2017: The Egyptian Ministry of Housing is providing a housing project for citizens with a subsidy of up to LE 450,000 ($25,367).

"The price of the conditions pamphlet for the social housing units is 60 (Egyptian) pounds, and this is the cost of printing and advertising the booklet in some newspapers, as well as the messages the citizens will receive to keep them updated of further developments," said Hani Younis, spokesman for the Ministry of Housing.

Younis stressed that the total subsidy the government is providing to every citizen in this project amounts to LE 450,000.

During his interview with presenter Amani Al Khayat on ON TV, Younis revealed that the state provides subsidized social housing units for citizens, while the price of the land, services and the larger part of the subsidy will be in the interest of the unit's installment. Younis added, "Each citizen will pay the price of the unit over 20 years, with a benefit rate of 5 to 7 percent; if paid with the bank, the interest will be 23 percent.”

The spokesman of the Ministry of Housing said that the size of the turnout of Egyptians to book the units is such that some members of the House of Representatives complained that the ministry did not provide the citizens with more pamphlets.