Egypts New Urban Communities Authority (NUCA) has invited contractors to submit bids for work on the Tahya Masr housing project 30 kilometres west of Cairo.
Speaking on the sidelines of a conference in Cairo, a spokesperson from NUCA told MEED that contractors are being invited to participate in the construction of 100,000 units.
The Tahya Masr housing project, which is part of the governments pledge to develop 500,000 units annually, is an affordable public housing programme being developed in the 6th of October City area.
Earlier this month President Abdel Fatah al-Sisi has announced that approximately $127.7m from the Long Live Egypt Fund will be earmarked for the social housing scheme.
During a speech at an inauguration ceremony on 6 February held at the site of a new social housing project in 6th of October City, Al-Sisi said that the amount will be used to finance the development of 100,000 units.
The Long Live Egypt Company was established in October last year with the initial capital of approximately $640m.
It is understood that the fund is currently working with the Social Solidarity Ministry to reconstruct the Nasser Social Bank and reestablish it as modern bank to serve low-income people, and help with mortgages and micro-financing for housing and small industries.