The Egyptian government has till date completed 200,000 housing units and delivered more than 55,000 apartments under its social housing project, said a report.

The mega project aims to establish one million housing units at a cost of E£150 billion ($8 billion), reported Amwal Al Ghad, citing a senior official.

"The social housing project is allocated for four categories including those whose houses collapsed in different governorates as well as for low-income group citizens," remarked Fathy El Sebai, chairperson of state-owned Housing and Development Bank (HDB).

The state is responsible for financing units’ establishment, while banks only fund the beneficiaries after finishing the units among the Central Bank of Egypt’s (CBE) mortgage finance initiative, she explained.

Through the initiative, CBE would lend Egypt’s working banks E£10 billion ($529 million) to be lent to people of low-income and average-income at five per cent.