ICEC

Allocating EGP1bln Off World Bank’s Loan For Social Housing Project

Slums Development fund studies the allocation of 1 billion EGP – from the World Bank’s loan- for the purpose of financing the “Social Housing Project”, which aims at constructing 1 million residential units for low-income citizens within 5 years, as 200,000 units should be established annually, and the Armed forces will take charge of 70,000 units of this project, with investments of 2 billion EGP.

Mai Abd El hameed – President of the Fund- said that the ministry of housing has not notified the fund management regarding their specified role within social housing project till now, and she added that the fund has financed 60,000 residential units belonging to the ministry of housing since 2008 until now.

She clariefied that the EGP 3 billion World Bank’s loan, divided into 2 phases, as the first phase value is 1.1 billion EGP, as just 142 million EGP were acquired, beside another 600 million EGP to be acquired by the end of this year, while the other half of the loan will be allocated to finance the “1 million” units project.

She added that the cost of social housing project reaches 120 billion EGP, and clients’ down payment is 5000 EGP, which means providing 5 billion EGP of the project’s cost, and she confirmed that the most appropriate solution for providing financial liquidity for the project is the annual issuance of equipped lands, although she does not conjecture the governmental ability of providing form 20 to 30 billion EGP annually.

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