WB provides $500m for low-income housing in Egypt

The World Bank will finance existing low-income housing programmes by the Egyptian government with new $500 million funding package, according to Egyptian Minister of Housing, Utilities, and Urban Communities, Assem El-Gazzar.

The funding will help increasing the number of units in the housing sector to cater to the needs of low-income families.

In addition, it will encourage more investments by the private sector in social housing projects, the minister added.

The World Bank said that the new $500 million-funding will facilitate the process of obtaining housing units at subsidised prices and bolster the country’s Social Housing and Mortgage Finance Fund’s (SHMFF) ability in policymaking and programme coordination.