A Major housing project in Egypt lags behind schedule Arabtec contractors have announced. The firm  was expected to begin in early 2016.

CEO Raja Hani Ghanma they were targeting to construct a million homes a year ago. However, nothing has started so far. The CEO blamed lack of funds for the prevailing situation.

Major housing project in Egypt was aimed at reducing a great housing deficit that has plagued the country for years.

Slow in progress

Speaking to Arabian Arabian Business the CEO said there have been on and off progress. Egypt at some point slashed the project from a million housing units to 100,000.

However, the CEO blamed the government as he said they have been slow in actualizing the initial agreement.

Additionally, he said that the Ministry of Housing has not yet so far contacted them over the project.

“We haven’t heard from the Egyptian government though we are still pushing so that we can actualize the project which am sure will be able to help the Egyptian government in curbing the current housing shortage that they are facing” he added

The Egyptian government recently have been pushing for the construction of the housing units despite the fact that their have been political wrangles lagging them behind.

Though sisi have been keen in wooing more investors to help in funding various projects in terms of loans.