World Bank approves $500million-loan for Egypt Social Housing Scheme

World Bank Group has approved a five-year loan worth $500 million to finance Egypt’s comprehensive social housing programme, Minister of Housing Mostafa Madbouly said.  

The minister asserted that the New Urban Communities Authority (NUCA) will start issuing the execution of number of unites in One Million Housing Unites project with spaces less than 90m² especially in new cities in Upper Egypt.

Both ministries of Housing and International Cooperation- representing Egypt- have signed the financing agreement with the World Bank, stated Khaled Abbas, assistant minister for technical affairs.

Abbas said that the loan would be dedicated to support the Social Housing Financing Fund which was launched almost six weeks ago.

On the other side, the minister clarified that NUCA is preparing to issue the execution of small housing units (two rooms and reception) in number of new cities in Upper Egypt to be suitable for citizens’ incomes there bedsides the execution of 90 m²-unites (three rooms and reception).