22 March 2023 07:56 AM

PM: State seeks to provide decent housing to youth

Saturday، 28 January 2023 - 03:28 PM

The State is keen on providing decent housing to the Egyptian youth, affirmed Prime Minister Moustafa Madbouli.

Speaking at a press conference on the sidelines of his inspection tour of Gardens City on Saturday 28/01/2023, Madbouli said that over the past few days, Standard and Poor’s (S&P) has maintained Egypt's credit ratings.

Madbouli referred to the S&P's report, which said that the government is exerting strenuous efforts in social protection programs and in supporting the national economy.

He also cast a spotlight on the Reuter's report, which expected the stability of the local currency.

"We are now at the first district at Capital Gardens City, which will be finalized in less than 18 months," he further said.

The project is part of President Abdel Fattah El Sisi's initiative "Housing for all Egyptians", which aims to provide approximately 30,000 housing units in the City, he went on to say.

The City includes a number of service projects, including clubs, playgrounds and schools along with housing ventures targeting different segments of the society, he added.

The State's primary goal is to serve the Egyptian youth, who want to live a decent life, he added.

Speaking about the issue of accumulated commodities at Egyptian ports, Madbouli stressed this problem had already been dealt with, and the average amount of goods held at Egyptian ports nationwide now equals the volume of goods that used to be handled before the crisis.

In addition, the chief of the Federation of Egyptian Chambers of Commerce (FEDCOC) confirmed that all factories had resumed work at full capacity, with stocks of raw material and production supplies that are sufficient for 1-2 months, the premier said.

Madbouli also revealed that a new initiative to support the industrial and agricultural sectors, with a diminishing 11 percent annual interest rate, will be in force as of next week, in coordination with the Central Bank of Egypt (CBE).

He also touched upon the important decisions adopted by the cabinet last week in support of the industrial sector, such as waiving penalties and interest for failing to complete the construction of industrial facilities on schedule, so long as the factory owner is not responsible for the delay.

Madbouli highlighted the government's efforts to activate the Egyptian stock market and boost Egyptians' engagement in public institutions.

Within less than two weeks, the cabinet will announce a detailed plan of companies due to be listed on the Egyptian stock exchange during 2023.

The premier concluded by reassuring the Egyptian people that President Sisi and the government are strenuously working for weathering the current global crisis.

He noted that the production sector had resumed work at full capacity, which would help stabilize products' prices soon.


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