IBRD Bank Meets Egypt’s Housing To Review Low-Income Support Project

The International Bank for Reconstruction and Development (IBRD) mission has met Eng. Ibrahim Mahlab, new Housing and utilities Minister in order to review the various issues of housing , mutual cooperation , with the attend of the Ministry’s officials.

 The representatives of IBRD discussed low-income housing project support which will be implemented by Mortgage Fund and it aims to make low-income to possess the adequate housing through Mortgage-backed Fund system worth $ 300 million.

 The Bank’s representatives have reviewed the features  and the objectives of the project, in terms of providing sustainable funding for social housing exploiting the available  liquidity to banks, and ease the burden on the state, especially in light of the high budget deficit.

Moreover, they further have explained that many studies conducted since 2007 and diagnose problems, strategies to deal with them on the short and medium terms as well as identify immediate priorities.