Housing Min., WB Delegation Discuss New Mechanisms for Social Housing ProjectsSource: www.export-egypt.com 3/23/2019, Location: Africa |
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Housing Minister Assem el Gazzar has discussed in a meeting with a World Bank delegation, in the presence of a number of real estate developers, the possibility for launching new mechanisms to allow those developers to execute social housing projects and other projects implemented by the New Urban Communities Authority (NUCA).
The move is aimed at giving greater involvement for property developers to meet the needs of citizens in the housing sector, the housing ministry said in a statement. During the meeting, the housing minister said putting forward lands under the public-private partnership system, reflects mutual trust between the two sides and undoubtedly affirms the government's awareness of the key role played by the private sector in pushing forward development in different fields, the statement added. El Gazzar added that partnership with NUCA is based on allotting a plot of land to a major property company, which is recognized as high-efficiency and has a great experience in the real estate field, the statement read. As per the proposed partnership, NUCA will offer payment facilities for the land, including payment with installments, and payment in cash or in kind. For her part, May Abdel Hamid, the CEO of the Social Housing Mortgage Finance Subsidy Fund, said the World Bank delegation reviewed with the housing minister various models of public-private partnership in US social housing projects for low-income citizens. The fund and the housing ministry look forward to greater participation of the private sector in the social housing program, she added. |
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