The Egyptian government has launched a campaign against housing cooperatives that has led so far to the closure of 1850 cooperatives nationwide accused of violations and “crossing the red lines,” the opposition Al Wafd newspaper reported.
The Minister of Housing, Ibrahim Suleiman who led the campaign described the housing cooperatives as a “spoiled and corrupted child” who exceeded the permissible limits and should be corrected.
The minister was cited by the paper as saying that the housing cooperative law would be amended.
“The new amendments will define the number of board directors and accountability mechanisms. They will also prohibit the renewal for the cooperatives board of directors after their projects are wrapped up,” the paper added -- Albawaba.com
