Egypt's Ministry of Housing has begun awarding new residential projects to contractors under its ambitious Tahya Masr social housing scheme which will see the construction of 200,000 new homes in the coming years, said a report.

The housing project was announced by President Abdel Fattah Al Sisi earlier in February. Tahya Masr (Long Live Egypt) is a donation-based fund that was launched by the president in June 2014.

Several businessmen and banks have made notable donations to the fund which is aimed at assisting development projects including financing micro-enterprises, infrastructure projects, small projects for the youth demographic and the development of the informal housing sector.

The government has allocated E£1 billion ($127.3 million) for building additional units in the social housing project. Al Sisi indicated that the Tahya Masr housing project is to be finished in a year, reported the Daily News Egypt.

The ministry, represented by the New Urban Communities Authority (Nuca), is planning to assign 146,948 units in 10 new cities across the country, it stated.

Around 91,536 units will be constructed in 6th of October city while 22,620 will be constructed in 10th of Ramadan City. Over 7,584 units will be constructed in 15th of May City.

The remaining units will be constructed in New Cairo and Al-Shorouk City, the report added.