Changing the rules of benefiting from the GSF.

Increasing the unit price to LE. 95 thousand with unlimited dimension.

Mr. Mostafa El Hayawan, GSF Executive Director, stated that the GSF board, chaired by Mr. Osama Saleh, agreed upon increasing the ceiling of the cost of residential units subsidized and offered to low-income earners by the Fund, where the total cost per unit will be LE. 95 thousand instead of LE. 75 thousand, the matter that is reflected by the price increase of the building materials and the real estate price hikes generally.

He further explained that the GSF regulations used to stipulate that the cost of a residential unit subsidized by the Fund shall not exceed LE. 75 thousand, with 80 meters maximum. However, the prevailing real estate price hikes that is anticipated to continue for further years forced the GSF board to decide increasing the price of subsidized units with unlimited dimensions with the purpose of achieving the utmost benefit for low-income earners, especially in governorates where residential units are huge. The said decision shall be applied to the units subject to trading as of today.

He also asserted that the cash subsidy per unit has been increased to LE. 15 thousand instead of LE. 10 thousand. The disbursement rules thereof are currently under development, in a manner that favors the lower income earners. The total subsidized units are now 4400 units, with LE. 36 million worth subsidy.

The current target is to stimulate the GSF activities to reach people in all governorates through the located Fund therein or the branches of the Agricultural Development And Credit Bank by virtue of the protocol signed by and between the GSF and the bank, aiming at broadening the beneficiaries base.