Egypt sees new tranche from World Bank’s $500mn social housing loan in June

Egypt’s Mortgage Finance Fund (MFF) says it expects to attain a new tranche ranging between $50 million and $60 million out of the World Bank’s $500 million loan within June.

Mortgage Finance Fund obtained last August a tranche worth $85 million from the World Bank’s loan designed to support the government’s social housing scheme, its chairman May Abdel Hamid told Amwal Al Ghad on Wednesday.

Established in 2003, MFF is one of the most important funding programmes offered by the state. It seeks to support activities in real estates, notably for low and middle income-citizens.

“We (the fund) have so far received around $200 million of the loan,” Abdel Hamid further added.

Egypt has completed 245,000 social housing units at cost of 32 billion Egyptian pounds ($1.8 billion), while 255,000 more of 40 billion pounds are currently underway, she said.