Egypt Cabinet Oks World Bank’s $500mn social housing additional loan

Egyptian Cabinet approved on Wednesday an additional loan worth $500 million designed to support a social housing scheme from the World Bank.

The World Bank launched a $500 million Inclusive Housing Finance Programme in 2015 to increase the Egyptian Mortgage Finance Fund’s (MFF) efficiency through strengthening its skills, abilities, processes and resources. The programme objectives are to improve the affordability of formal housing for low-income households in Egypt and to strengthen the capacity of the MFF to design policies and coordinate programmes in the social housing sector.

In August 2018, the MFF obtained a tranche worth $85 million from the World Bank’s $500 million another loan to fund the ongoing social housing projects in the country.

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.