Big turnout at reserving lands offered to Egyptian abroad

CAIRO – 9 May 2017: Egyptians living abroad transferred more than $74 million to Egypt in just three days in payment for plots of land and housing units, sources in the Ministry of Housing said Tuesday.

A government plan to sell plots of land and housing units to Egyptians abroad has generated a great deal of interest, the sources said, especially in the New Cairo cities of Al-Rehab and Madinaty.

The sales are part of the Nation’s House initiative launched a few years ago with the purpose of attracting foreign currency. Payment for the units should be in dollars and through bank transfers to help bridge a gaping budget deficit and to attract much-needed foreign currency.

Egyptians aboard reserve their plots through the website www.nuca.gov.eg.

The government is eyeing a budget deficit of 10.1 percent by the end of the current fiscal year 2016/2017, down from 12.2 percent in 2015/2016.