Arab Fund secures KWD45 million Loan for Egypt’s Housing

Egypt’s Ministry of Housing has succeeded in securing a loan worth KWD45 million (1.2 billion Egyptian pounds) from the Kuwait-based Arab Fund for Economic and Social Development, minister Moustafa Madbouli said Sunday.

The loan, the quickest to be reached in history of utilities sector in Egypt,will be directed to implement sewage networks in 23 villages in Giza Governorate.

Madbouli further noted that the ministry is determined to start the project as soon as possible. Studies on the project will be ready in six months; while works on the project will commence early next year up until 2017, with a 24-month timeframe.

He confirmed that project aims at boosting the citizen’s health, improving the environmental conditions in the targeted villages, and creating new career opportunities during the implementation process.