Egypt in talks with Arab Fund over $150 million Loan, says Housing Minister

Egypt’s housing ministry is in ongoing talks with the Arab Fund for Economic and Social Development (AFESD) over US$10 million loan as the first phase, minister Mostafa Madbouly announced.

According to the Egyptian minister, AFESD’s loan is set to finance Egypt’s national plan to provide sanitation services to the underprivileged villages.

This comes in line with Egypt’s other ongoing negotiations with the World Bank Group over a US$1 billion loan dedicated to the same sanitation project, minister Madbouly noted.

Moreover, the Egyptian minister told reporters that these negotiations come within the framework of the participation of several international and Arab financial institutions in supporting social projects in Egypt.

Such initial approval given by those institutions to support Egypt reflects their trust in the national economy, he added.

The minister also assured that these loans side by side to the budget being set by the state would help in solving the sanitation crisis haunted by the residents of Egyptian underprivileged villages. They will also contribute to combating water pollution in tunnels like Rashid’s Nile branch and Al-Salam Canal.

From his part, Sayed Ismail – Technical Advisor of the Egyptian Housing Minister – noted that the negotiations with the AFESD aim to support the underprivileged villages and create a healthy clean environment, which represents the simplest basic requirements of the Egyptian people.

There will be cooperation with the concerned authorities i.e. the Holding Company for Water and Wastewater, Construction Authority for Potable Water and Wastewater (CAPW), and the National Authority for Potable Water and Sewage to support those villages, Ismail added.