Four banks ink $381mn-bridge loan for Egypt’s Social Housing project

Egyptian housing ministry and Social Housing Fund have signed a bridge loan agreement with four banks to provide additional funds for the Social Housing project, minister Mostafa Madbouly stated Sunday.

The bridge loan is estimated at three billion Egyptian pounds (US$383.1 million), i.e. 750 million pounds from each bank, and dedicated for accelerating project’s execution processes, Madbouly added.

The four banks are National Bank of Egypt (NBE), Banque du Caire, Banque Misr, and Housing and Development Bank (HDB), the minister said.

Ministry of Housing needs to finish 8,000 files of citizens monthly to provide self-finance for the project since it is currently finishing around 3,000 files per month.

Minister Madbouly pointed out that the ministry is always working to provide the necessary funds for the project in order not to stop execution works as the it targets finishing 150,000  units among the project during 2016.

The minister further asserted that the ministry does not face any obstacles related to project’s finances.