Egypt Mortgage Finance to disburse $100mn of World Bank next March

The Egyptian Mortgage Financial Fund (MFF) is about to disburse the World Bank-funded third tranche worth US$100 million next March, chairman May Abdel Hamid said on Thursday.

This World Bank’s loan, totalling US$300 million, is designated to fund the MFF’s low-income clients in order to enable them to have the opportunity to benefit from Egypt’s One Million Units national Project.

Abdel Hamid further stated that the third tranche is to finance the applicants for the third and fourth announcements issued by the Egyptian Ministry of Housing which include 20.000 housing units distributed throughout new cities in 18 governorates nationwide.

Within 2015, MFF aims to double its funding sources and expand into the number of targeted clients, the chairman elaborated.

Moreover, the Egyptian official referred to ongoing negotiations between MFF and the World Bank over US$500 million loan for clients benefiting from housing projects supported by the state.

She further pointed out that MFF had disbursed the first and second tranche of WB loan estimated at US$200 million. Egypt is supposed to pay back the US$ 300 million loan provided by World Bank in 27 years.

MFF needs funds estimated at EGP1.5 billion (US$ 202 million) per year to support clients to have units in the country’s Social Housing Project, she added.