Egyptian President Abdel Fattah al-Sisi announced Saturday that Tahya Masr (Long Live Egypt) Fund would secure one billion Egyptian pounds (US$ 127.7 million) for the social housing scheme tailored for the youth.
The money will finance the building of 100,000 housing units this year.
Tahya Masr fund was created upon the initiative of President Sisi in 2014 to help funding projects to support and to revive the cash-strapped national economy.
The Egyptian president made those remarks in his speech at an inauguration ceremony on Saturday held at the premises of the new social housing project in 6th of October City, south-west of Cairo.
Sisi inaugurated a number of developmental projects, including housing, infrastructure and health projects, in different governorates across Egypt.
The event was attended by Prime Minister Sherif Ismail, Minister of Defence Sedky Sobhy, former prime minister Ibrahim Mehleb, and many top army and state officials.
Sisi attended presentations about the new projects; he also instructed officials to begin work on these projects
Last April, former Prime Minister Ibrahim Mahlab formed an executive body to plan and run Tahya Misr Fund’s projects.
The executive committee included leading businessmen like Naguib Sawiris, former Grand Mufti Ali Gomaa and a representative from the Supreme Council of the Armed Forces.
